- Dennis Norman
Today the National Association of REALTORS released it’s February Pending Home Sales Index showing a increase of 8.2 percent (seasonally adjusted) in the index from January and a 17.3 percent increase from last year.
Here are highlights from the report:
- January”s pending home sales index (seasonally adjusted) was 97.6 (the index is based upon 100.0 being equal to the average level of sales activity in 2001 which we could call the last “normal” year) which was an increase of 8.2 percent in the index from January’s revised index of 90.2 and an increase of 17.3 percent from February, 2009 when it was 83.2.
- January”s not-seasonally adjusted index index was at 89.0, an increase of 19.8 percent from January and an increase of 17.3 percent from a year ago.
Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he said. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”
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