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Pending Homes Sales were up in January according to NAR.

March 18, 2013 11:48 am

The National Association of Realtors reported in February 27, 2013 that Pending home sales rose in January, and have been above year-ago levels for the past 21 months. Monthly gains were seen in every region with the West as the most improved.

"The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012 when it was 96.7. The data reflect contracts but not closings.

The January index is the highest reading since April 2010 when it hit 110.9, just before the deadline for the home buyer tax credit. Aside from spikes induced by the tax credits, the last time there was a higher reading was in February 2007 when it reached 107.9." (NAR)

Lawrence Yun, NAR chief economist, said inventory is the key to this year's housing market. "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years," he said.

This remarks should be great news for anyone that wants to sell and move up in the near future. Home values are expected to increase up to 7 percent this year given the current shortage of inventory.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.


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