Booming Spring MarketBy Integrity Windows
According to the National Association of REALTORS®, and as reported by Realtor Mag, pending home sales have risen for the third consecutive month – hitting the highest level since June 2013.
Pending sales have experienced a steady moth to month increase of 1.1 percent, and are 11.1 percent above last March’s levels, says Realtor Mag. Numbers of which are taken from NAR’s Pending Home Sales index.
Metro areas with solid job gains and firm economic growth have seen a steady increase in demand, but with this demand has come a lack of availability. Lawrence Yung, NAR’s chief economist, states, “”Demand in many markets is far exceeding supply, and properties in March sold at a faster rate than any month since last summer. This, in turn, has pushed home prices to unhealthy levels — nearly four or more times above the pace of wage growth in some parts of the country. Simply put, housing inventory for new and existing homes needs to improve measurably to improve affordability.”
A countrywide look at Pending Home Sales Index as reported by Realtor Mag:
South: Contract signings rose 4 percent in March and are 12.4 percent above year-ago levels.
West: Contract signings increased 1.7 percent in March and are 15.6 percent higher than March 2014.
Northeast: Contract signings fell 1.5 percent for the fourth consecutive month but remain 0.6 percent above a year ago.
Midwest: Contract signings decreased 2.5 percent in March but are 11.3 percent above year-ago levels.