Pending home sales increased but with notable regional variations, according to the National Association of Realtors (NAR). A forward looking indicator, rose 2.1% based on contracts signed in February. The data reflects contracts and not closings, which normally occur with a lag time of 1 or 2 months.

A sale is listed as pending when the contract has been signed but the transaction has not closed.

Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20% above the low point immediately following expiration of the home buyer tax credit.

All of the regions saw gains except for the Northeast, where unusually bad winter weather may have curtailed some shopping and contract activity.

According to NAR, we may not see notable gains in existing home sales in the near term, but they're expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who've been on the sidelines.
references: walter molony, NAR, donsrealty.net

 

I am an expert in all Oxford homes in the Southeast Michigan area. If you or anyone you know is considering buying or selling homes in the Lapeer / Oakland County area including but not limited to Lapeer MI homes for sale, Metamora MI real estate or Lake Orion MI homes for sale please contact me anytime. I welcome first time home buyers and referrals.

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This post has been included in Michigan Real Estate News

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Donald Horne, Associate Broker Oxford / Lapeer Homes

Oxford, MI

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Coldwell Banker-Shooltz Realty

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