Pending Home Sales Index Suggests Strong Spring Housing Market

Pending Home Sales Index Suggests Strong Spring Housing Market No surprise here. Inexpensive homes and ultra-low mortgage rates have turned into a good thing for U.S. housing. The nascent recovery that began last October is ongoing.

The number of home resales going under contract to first-time buyers, real estate investors, and everyone else remains high. Housing has built a nice clip of momentum, from California to New York. Pending Home Sales Edge Lower In February The Pending Home Sales Index is a monthly report from the National Association of REALTORS®. It measures the number of homes under contract to sell, but not yet sold, nationwide.

In February, the Pending Home Sales Index slipped 0.5 percent from the month prior, to 96.5. February's reading is a retreat from January's high, but still marks the third-highest Pending Home Sales Index since April 2010, an important month in housing market footnotes. April 2010 is the month that the federal home buyer tax credit expired. "Third-highest" isn't so terrible, either. The top 4 months have been the most recent 4 months. The six-month trend in the Pending Home Sales Index is plainly higher. The Pending Home Sales Index is up 9% percent versus a year ago.

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