March 29, 2017
Pending home sales rebounded in February 2017 from their January slump, reaching their highest level in nearly a year, and second-highest level in more than a decade, according to the National Association of Realtors (NAR). The organization’s Pending Home Sales Index, based on contract signings, jumped 5.5% to 112.3 in February. January’s index stood at 106.4.
NAR Chief Economist Lawrence Yun indicated that demand is rising as the spring buying/selling season is coming. Additionally, “last month being the warmest February in decades also played a role in kick-starting prospective buyers’ house hunt,” he said.
Yun said he expects to see ebbs and flows in activity over the next few months, as new supply struggles to replace listings that go under contract at a quick pace. This will especially happen at the lower- and mid-market price ranges, where there are minimal choices, and prices are being bid higher by multiple offers.
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