March pending home sales improve
The National Association of Realtors just announced that pending home sales increased in March 2013 to the highest rate since April 2010! Home purchase contracts signings rose in the South, West and Midwest, and were unchanged in the Northeast.
Home purchase signed contracts were 7 percent higher than the March , 2012 figures.
Now, on the reverse side, actual completed home sales have slowed in recent months and actually dipped in March. One should keep in mind that the number of homes for sale has dropped nearly 17% in the past year. At today’s current sales pace. The current home inventory would be exhausted in 4.7 months, which is below the typical six-month time period in typical healthier markets.
Home buyer traffic is 25% higher than it was a year ago. Rising demand and low supply is fueling more home construction.
