Pending sales of homes on the rise
3 story townhomes with garage and 3rd floor bonus room included
Tuesday, May 5, 2009, 10:15am EDT
Pending sales of existing homes rose for the second consecutive month in March, adding to optimism that the sluggish housing market may be poised for a recovery.
The National Association of Realtors’ Pending Home Sales Index rose 3.2 percent last month, following a 2 percent increase in February.
It was the first back-to-back monthly increase in pending home sales in almost a year.
The index measures signed purchase contracts,but not actual closings. As a result, it is considered a forward-looking gauge of the housing market.
“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions, and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” says Lawrence Yun, NAR chief economist.
“We need several months of sustained growth to demonstrate a recovery in housing,” he adds.
The pending sales index rose 8.5 percent in the South, followed by a 5.7 percent increase in the Northeast.
Charlotte Business Journal
Story posted at: http://charlotte.bizjournals.com/charlotte/stories/2009/05/04/daily14.html?ed=2009-05-05&ana=e_du_pub
