Pending home sales jumped in March, lending more credence to theories that the housing market has bottomed and is back on the way up. Clearly, there are plenty of data points available to refute that notion, as the inventory of homes remains elevated. But pending sales is a decent leading indicator, because it tracks contract-signings not finalized sales.
The pending home sales index from the National Association of Realtors rose 4.1% to 101.4. It was the index’s highest level since April 2011 and comes on top of strong first quarter sales of existing homes.
ÂThe housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses, said NAR economist Lawrence Yun in a statement.
Homebuilders were rising, led by Pulte Homes (PHM), which also posted strong earnings.
ÂThe housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses, Yun said.Pending home sales jumped in March, lending more credence to theories that the housing market has bottomed and is back on the way up. Clearly, there are plenty of data points available to refute that notion, as the inventory of homes remains elevated. But pending sales is a decent leading indicator, because it tracks contract-signings not finalized sales.
The pending home sales index from the National Association of Realtors rose 4.1% to 101.4. It was the index’s highest level since April 2011 and comes on top of strong first quarter sales of existing homes.
ÂThe housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses, said NAR economist Lawrence Yun in a statement.
Homebuilders were rising, led by Pulte Homes (PHM), which also posted strong earnings.
ÂThe housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses, Yun said.