The National Association of Realtors is reporting that pending home sales were up 1.9% in March, 2021. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) rose to 111.3 In addition, they report that year-over-year contract signings were up 23.3%. In an optimistic tone, the NAR says these increases are indicative of a high demand for housing. Indeed…
“…With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high….Low inventory has been a consistent problem, but more inventory will show up as new home construction intensifies in the coming months…” Said Lawrence Yun, the NAR’s chief economist.
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