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national association of realtors

Pending Home Sales Higher Than Last Year’s Levels

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Pending home sales soared above last year’s levels in March, making it the 23rd consecutive month that has exceeded levels seen one year ago from the date, according to the National Association of Realtors. The National Association of Realtors pending home sales index increased by 1.5% in March 2013, 7% higher than levels seen in March 2012. Lawrence Yun, chief economist for the NAR expects that pending home sales will continue to increase as more jobs are created and household wealth rises. More here

Home Sales Increase 2.4%

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According to recent data, the number of homes for sale in the U.S. increased approximately 2.4% from February to March. Inventory is down around 15% from this time last year causing home prices to rise. However, spring season is here and is expected to help fuel home inventory throughout the season. During the month of February, home supply stood at 4.7 months, meaning those homes would all sell in that time if no new supply was added, according to the National Association of Realtors. Steve Berkowitz, the CEO of Move, which operates Realtor.com, says “the newest data shows that the outlook is optimistic for the overall real estate recovery.” More here

Vacation Property Sales Fuel Housing Market

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According to the National Association of Realtors, 11% of 2012’s property transactions stemmed from vacation properties, leading to a 10% increase from 2011. Lawrence Yun, the NAR’s  Chief Economist said, “we had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes.” It is reported that 38% of vacation home buyers bought property due to low prices, while 28% purchased property for family vacations only. More here