Pending home sales up in March

We’ve had a very hot spring… as far as home sales go. That’s according to NAR’s research department, which says the spring selling season is looking strong based on numbers released yesterday:

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit.

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One Response to Pending home sales up in March

  1. Lenn Harley says:

    Sadly, the value of “pending” home sales as a factor in predicting future “SOLD” statistids has been totally devalued by the inclusion of Short Sales, which have no predictive value.

    As long as Short Sales are included in the NAR “pending” numbers, Mr. Yun will continue to make prediction that, to the membership, have no value.

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