News & Information: Real Estate News

Pendings nationwide jump 8 percent

Monday, February 27, 2012  
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Pending home sales are on an upward trend and are well above a year ago, according to the National Association of REALTORS®. The January 2012 Pending Home Sales Index is 8.0 percent higher than it was in January 2011.

The January index is the highest since April 2010, when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit. Lawrence Yun, NAR chief economist, says this is a hopeful indicator going into the spring home-buying season. "Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”

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