Pending Home Sales Higher Than a Year Ago

Great news, home sales appear to be on the rise this year. is reporting the following:

Pending home sales were down slightly in February but remain notably above the pattern in the first half of last year, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, eased 0.5 percent to 96.5 in February from 97.0 in January but is 9.2 percent above February 2011 when it was 88.4. The data reflects contracts but not closings. Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”

It is my opinion that we are seeing higher sales in 2012 than in 2011 because the weather has been unseasonably warmer this year and more buyers are taking advantage of historically low interest rates. First time homebuyers are also taking advantage huge price reductions.

At Bayview Estates Realty, we believe in putting people before profit. We also specialize in assisting homebuyers in finding a home that fits their needs. If you are interested in selling, buying, or renting a home, please feel free to contact us at (516)-777-0146 Thanks for stopping by!

Sean Jay Bennett of Bayview Estates Realty is here to assist you. Please call Sean directly at (646)-269-3054 for more information about the homebuying process.

Read the complete article here.

Please visit our website, or my personal website at for breaking real estate news and informative articles..

This entry was posted in Buying, Selling and tagged , , , , , , , , , , , , , . Bookmark the permalink.