Home | Newsletter | Advertise

Pending Home Sales at Highest Level Since August 2013

  • February 27th 2015

by Lark Turner

✉️ Want to forward this article? Click here.

Pending Home Sales at Highest Level Since August 2013: Figure 1
A DC home that went under contract in January.

Pending home sales in January reached their highest level since August 2013, according to the National Association of Realtors (NAR). High buyer demand brought the number of pending sales up to an 18-month high, said Lawrence Yun, the NAR’s chief economist.

“Contract activity is convincingly up compared to a year ago despite comparable inventory levels,” he said in a news release. “The difference this year is the positive factors supporting stronger sales, such as slightly improving credit conditions, more jobs and slower price growth.”

Low inventory, which is affecting the DC area, is an issue in many of the nation’s markets, according to the NAR. But pending home sales are still up in every major region except for the midwest. Pending sales rose the most in the south, where they are up 9.7 percent over last January.

The association predicts that home sales in 2015 will be around 5.26 million, up 6.4 percent from last year. It also expects home prices to rise about 5 percent. Last year home sales declined 2.9 percent as prices rose 5.7 percent.

See other articles related to: national association of realtors, pending home sales

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/pending_home_sales_at_highest_level_since_august_2013/9583.

Pipeline: New Condos & Apartments Coming to the DC Area

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse