On April 27, 2016, National Association of Realtors® (NAR) reported that nationwide pending contract signed home sales increased 1.4% to an index of 110.5 in March of 2016 from an index of 109.0 in February of 2016, and gained 1.4% to an index of 109.0 from March of 2015.
Pending home sales index in the Northeast higher 3.2% to an index of 97.0 in March of 2016 from February 2016, and jumped 18.4% from March of 2015. Pending home sales index in the Midwest rose 0.2% to an index of 112.8 in March of 2016 from February 2016, and up 4.0% from March of 2015. Pending home sales index in the South gained 3.0% to an index of 125.4 in March of 2016 from February 2016, but down 0.6% from March of 2015. Pending home sales index in the West decreased 1.8% to an index of 95.3 in March of 2016 from February 2016, and fell 7.9% from March of 2015, according to NAR.
Lawrence Yun, NAR chief economist, stated “This spring’s surprisingly low mortgage rates are easing some of the affordability pressures potential buyers are experiencing and are taking away some of the sting from home prices that are still rising too fast and above wage growth.”
For more complete information on NAR's March of 2016 pending home sales report, please CLICK HERE
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