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Pending Homes Sales Reach Highest Level in Nearly 12 Months

Posted on Apr 28, 2016 in Duck, OBX News
Pending Homes Sales Reach Highest Level in Nearly 12 Months

Great News! The REALTOR organization has released a The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing Home Sales by a month or two.

Lawrence Yun, NAR chief economist, says last month’s pending sales increase signals a solid beginning to the spring buying season. “Despite supply deficiencies in plenty of areas, contract activity was fairly strong in a majority of markets in March,” he said. “This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing.”

See the full report from REALTOR.org.

Use our seller tools to find out what your home is worth in today’s market. Start by looking up your home value estimates, then get a better idea of how much your house is worth by using the pricing tool and the insight of a local agent, start by visiting www.MyOBXHomeValue.com.

 

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