Reversing a two-month trend pending homes sales climbed in March, according to the National Association of Realtors (NAR)
- M-O-M: Contract signings rose 1.9% to 111.3 in March compared to February.
- Y-O-Y: Contract signings jumped 23.3% when compared to the same time last year.
IMPORTANT: Yearly comparisons are going to be a little skewed for the next few months because of the pandemic
Regionally the Northeast led the way with 6.1% growth, The South & The West both saw 2.9% growth, and The Midwest saw a drop of 3.7%.
Demand remains high and with a booming economy NAR economist, Lawrence Yun, doesn’t think anything is changing anytime soon, “With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high.” But he is hopeful, “Low inventory has been a consistent problem, but more inventory will show up as new home construction intensifies in the coming months, as well as from a steady wind-down of the mortgage forbearance program.”