Pending Home Sales Ease in February but Solidly Higher Than a Year Ago
Pending home sales were down slightly in February but remain notably above the pattern in the first half of last year, according to the
National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, eased 0.5 percent to 96.5 in February from 97.0 in
January but is 9.2 percent above February 2011 when it was 88.4. The data
reflects contracts but not closings.
Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying
season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home
sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7
to 10 percent in 2012.”
It is my opinion that we are seeing higher sales in 2012 than in 2011 because the weather has been seasonably warmer this year and more
buyers are taking advantage of historically low interest rates. First time homebuyers are also taking advantage huge price reductions.
NOTE: Existing-home sales for March will be reported April 19 and the next Pending Home Sales Index will be released April 26. The
Investment and Vacation Home Buyers Survey, covering transactions in 2011, is scheduled for March 29; all release times are 10:00 a.m. EDT.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data
in this release, other tables and surveys also may be found by clicking on Research.
REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all
real estate agents are REALTORS®. All REALTORS® are members of NAR.
At Bayview Estates Realty, we believe in putting people before profit. We also specialize in assisting first time homebuyers in finding
a home that fits their needs. If you are interested in selling, buying, or renting a home, please feel free to contact us at 516-777-0146 Thanks for
Sean Jay Bennett of Bayview Estates Realty is here to assist you. Please call Sean directly at (646) 269-3054 for more information about the first time homebuyer process.
Please visit our website www.bverealty.com