NAR’s March Pending Home Sales Index (which counts contract signings, not closings) jumped a whopping 12.8 percent over March 2011. This bodes well for April and May numbers, when most of these (hopefully) will close.
Although I usually hate to look at month-to-month numbers, I’ll make an exception here to point something out: The March PHSI was up 4.1 percent over February, which isn’t unexpected — sales darn well ought to be increasing from Feb to March.
However, that jump was expected to be only 1.0 percent, so this big number is a nice piece of good news.
Also of note, NAR broke down the month-to-month number by region, and ours was up more than the national average (5.9% vs. 4.1%).
Yes, the market is recovering.