Recovery in Real Estate Market is Continuing, According to Several Reports out This Week!
Buyers continue to be motivated by today's high home affordability and the fact that owning a home is now less expensive than renting in many areas.
In March, sales of existing single-family homes, townhomes, condominiums and co-ops increased 3.7 percent from February, according to the National Association of Realtors (NAR). Given that existing-home sales have risen in six of the past eight months, Lawrence Yun, NAR chief economist, is confident that real estate is clearly on a recovery path.
Separately, NAR reported that its Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.1 percent. Because this data reflects contracts but not closings, which normally occur with a lag time of one or two months, it means modest near-term gains in existing-home sales are likely.
In addition, the Commerce Department announced Monday that in March, sales of new single-family homes rose 11 percent, and that the median price of a new home rose nearly 3 percent from February.
SOURCE: Weichert Insights