The National Association of Realtors is reporting that overall pending home sales increased 3.8% in March with three of the four major regions seeing growth. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increased to 105.8 in March. In addition, they report that year-over-year contract signings declined 1.2%, marking the 15th straight month of annual decreases.
Lawrence Yun, NAR chief economist, noted that pending home sales data has been exceptionally fluid over the past several months but predicted that numbers will begin to climb more consistently. “We are seeing a positive sentiment from consumers about home buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favorable.”