The housing market finally received some good news. After reaching its worst level in over two years, pending home sales in the United States posted the first gain in nine months.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 3.4 percent to 97.4 in March from an upwardly revised 94.2 in February, according to the latest report from the National Association of Realtors. On average, economists expected sales to only gain about 1 percent. However, sales are still 7.9 percent below the March 2013 level of 105.7. In February, pending home sales declined to their lowest reading since October 2011.
With better weather conditions and increased housing inventory, more activity is expected in the coming months. “After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” said Lawrence Yun, NAR chief economist, in a press release. “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”
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