Home Selling Series – US Pending Home Sales rise in March

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

From the New Republic!

AFP

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.

 

About gvenice

I have over 25 years of electrical engineering and business management experience. I previously owned and managed a multi million dollar engineering firm. My work took me all over the globe, managing the construction of manufacturing plants where I built a reputation of providing superior service, getting projects done on time and within or under budget. My dedication to the fine details and logical approach to accomplishing tasks provide a huge benefit to my Real Estate clients. After selling my business and retiring to this area, I found a new passion in the Real Estate business and I bring to this business the same level of professional skill and conduct that has made mr successful in the past. My global exposure and extensive travel are also an asset when dealing with a customer base that is located worldwide. An avid boater, I have a thourough understanding of the waterways of East Tennessee and the intricacies involved in dealing with the TVA and the Army Corps of Engineers.
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