U.S. pending home sales near healthy levels

TRD New York /
Apr.April 28, 2011 10:42 AM

U.S. pending home sales rose in March and the index is nearing historically healthy levels, according to a National Association of Realtors report released today. The index jumped to 94.1 from 89.5 in February, inching closer to the 100 mark, which is considered to signify market health. Last month’s index is far below the 106.2 achieved last March, but that can be attributed to elevated activity in advance of the home buyer tax credit’s expiration, the NAR said. The housing market is weakest in the Northeast, where pending home sales declined 3.2 percent to 63.4, while strongest in the South where pending home sales rose 10.3 percent to 110.2. Lawrence Yun, NAR’s chief economist, said he expected the national upward trend to continue, especially in the lower segment of the market. “Based on the current uptrend with very favorable affordability conditions, rising apartment rents and ongoing job creation, existing-home sales should rise around 5 to 10 percent this year with sales growth of lower priced homes likely to outperform high-end homes,” he said. TRD


Related Articles

arrow_forward_ios
Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

US home sales slide again in June as prices hit all-time high

US home sales slide again in June as prices hit all-time high

(Credit: iStock)

US existing home sales bounce back in May as spring buying season heats up: report

Propy CEO Natalia Karayaneva (Credit: iStock)

NAR’s venture capital arm is now a blockchain investor

President Donald Trump addresses the National Association of Realtors on Friday (Credit: Getty Images)

“I feel like home”: Trump touts economy, gushes over agents at NAR conference

NAR CEO Bob Goldberg (left) and Crexi CEO Michael DeGiorgio

NAR inks partnership with Crexi

Is the tax overhaul law impacting real estate?

Is the tax overhaul law impacting real estate?

National Cheat Sheet: Blackstone Group plans to become a corporation, NAR hit with new antitrust suit  … & more

National Cheat Sheet: Blackstone Group plans to become a corporation, NAR hit with new antitrust suit … & more

arrow_forward_ios