Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

NAR February pending home sales rebound 5.5% over January

03/29/2017

Download PDF

Up, down, left and right — pending home sales made big leaps in February across all major U.S. regions.

The National Association of Realtors Pending Home Sales Index, based on contract signings, sprung forward to 112.3 in February, up 5.5 percent from January’s 106.4.

To what can we attribute the boost? NAR chief economist Lawrence Yun says that an unusually warm February may have triggered an early spring buying season. In other words, home shoppers were ready to get out of hibernation in their own house and into another!

“Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” Yun said. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.”

Regional breakdown Northeast: PHSI increased 3.4 percent to 102.1 in February, 6.6 percent above a year ago. Midwest: PHSI increased 11.4 percent to 110.8 in February, 0.6 percent lower than February 2016. South: PHSI increased 4.3 percent to 127.8 in February, up 4.2 percent year over year. West: PHSI increased 3.1 percent in February to 97.5, 0.2 percent higher than the same time last year.

“Looking ahead to the busy spring months, Yun expects to see continued ebbs and flows in activity as new supply struggles to replace listings that are going under contract at a very quick pace. This is especially the case at the lower- and mid-market price ranges, where choices are minimal and prices are being bid higher by multiple offers,” NAR noted in its PHSI report.

About the PHSI

NAR uses a large national sample of signed residential property sale contracts to build its monthly pending home sales index. The sample size typically represents about 20 percent of transactions for existing-home sales. The index level was benchmarked to 100 in 2001, which was the first year to be examined. Existing-home sales in 2001 were in the 5 million to 5.5 million range, which is considered normal for the population in the U.S.

Email Marian McPherson

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

  • Buy and build with Welcome Homes’ online new construction platform

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Managing buyer expectations in a seller’s market

    I began my real estate career in 2000. And if you had told me then about the luxury market we have t...

  • MailMatic wants to be in your 2021 marketing plans

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Inman Tech Review: JetClosing is fueling mobile adoption of digital title and escrow

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Meet the new urban buyer

    New Yorkers have a knack for spotting trends—and so do luxury real estate agents. When I am asked ...

December 2022
Mon Tue Wed Thu Fri Sat Sun
 1234
567891011
12131415161718
19202122232425
262728293031  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...