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Pending Home Sales Point To Seller's Market This Summer

The National Association of REALTORS® Pending Home Sales Index rose for the third straight month last month.
A "pending home sale" is a home under contract to sell, but not yet closed.
The Pending Home Sales Index rose 5 percent in March, posting its second-highest reading since April 2010. Not coincidentally, that month marked the expiration of last year's federal home buyer tax credit.
Home buyers and sellers in Collingswood would do well to watch the Pending Home Sales Index each month. This is because - unlike most government and private data - the Pending Home Sales Index is a "forward-looking" indicator.
Because 80% of "pending" homes close within 2 months, and a significant share of the rest close within months 3 and 4, the Pending Home Sales Index tends to correlate to future strength (or weakness) in housing.
The Pending Home Sales Index, in other words, is an excellent precursor to the Existing Home Sales report, issued monthly.
By region, the Pending Home Sales Index varied last month.
Northeast : -3.2% from February Southeast : +10.3% from February Midwest : +3.0% from February West : +3.1% from February All 4 regions were worse from a year ago.
As with everything in ... more

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