Pending Home Sales Trend Up

Highest Figures Reported in Nearly Two Years

 

house graph line trend up.jpg

 

NAR’s index highest since April 2010

Good news from the National Association of Realtors (NAR) — its Pending Home Sales Index went up 2 points in January of this year to reach 97.0, the highest level since April of 2010.

December was better than we thought

The index for December 2011 was also recently revised to reflect a more accurate drop of 1.9 percent, rather than the 3.5 percent originally reported. With January of this year’s 8.0 percent increase in new contracts, experts feel confident in predicting positive sales results for the first quarter of the year.

Improvement rests on mixed geographic trends

While the South and the Northeast saw increases of 7.7 and 7.6 percent respectively, the Midwest and West both fell (3.8 and 4.4 percent respectively) in January.

Along with job growth, the housing market continues to improve

Buyers’ growing confidence in their financial situtation due to the improving employment figures and strengthening economy is bolstering the housing market’s recovery. At the same time, tight credit and gloomy appraisals continue to put the brakes on new momentum.

(Via Realty Times and Reuters)

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