This reflects what we are seeing in the local market. Our projection based on the current level of activity that the value growth of property year over year will be up over 3%. We have a normal range of 4.5-5% YOY
Thursday, April 26, 2012 3:37 PM GMT
US pending home sales rose in March from February and were solidly above their year-ago level, pointing to recovery in the distressed housing market, an industry group said Thursday.
The National Association of Realtors reported that its pending home sales index — which represents contracts signed but not closed — rose 4.1 percent in March to 101.4.
The forward-looking indicator was at its highest level since April 2010, when the index reached 111.3, NAR said.
On a 12-month basis, pending sales were up 12.8 percent.
“The housing market has clearly turned the corner,” said Lawrence Yun, NAR chief economist.
“First-quarter sales closings were the highest… in five years. The latest contract signing activity suggests the second quarter will be equally good,” he said.
The US housing market, the epicenter of the 2008 financial crisis, has been near moribund since then.
But in recent months there have been the first delicate inklings of rejuvenation, including the NAR’s latest figures.
“That’s three months in a row that more people signed contracts to buy a home in the US, moves that hint of better data ahead,” said Jennifer Lee of BMO Capital.
But many, among them the Federal Reserve, are warning victory should not be declared too quickly.
“Despite some signs of improvement, the housing sector remains depressed,” the Fed said after a policy meeting on Wednesday.