According to The National Association of Realtors’ Pending Home Sales Index, sales agreements for previously occupied homes rose 5.3 percent to 102.9 from 97.7 in February. It’s the highest level since October and 21.1 percent above March 2009. Lawrence Yun, NAR’s chief economist, said affordability and the home buyer tax credit have combined to produce a surge of spring home sales. Yun believes sales will drop in the months ahead but will likely become self-sustaining if the economy adds jobs in the second half of the year. The Pending Sales Index is a leading indicator for the housing market. More here, here, and here.
Theresa Springer’s Blog
Pending Home Sales Reach Five-Month High
May 4, 2010
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