Pending home sales jump, beating expectations

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.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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