Home | Newsletter | Advertise
loading...

Pending Home Sales Dip Slightly, But Higher Than Last Year

  • March 26th 2012

by Shilpi Paul

✉️ Want to forward this article? Click here.

Pending Home Sales Dip Slightly, But Higher Than Last Year: Figure 1

The National Association of Realtors announced today that pending home sales dropped slightly in February from a peak in January, but the overall pattern was higher than February 2011. Last month, the index dropped to 96.5 from a peak of 97.0 in January. In February 2011, the index was 88.4. The pending sales index measures homes that have gone under contract but not yet closed.

NAR Chief Economist Lawrence Yun on the news:

“The spring home buying season looks bright because of an elevated level of contract offers so far this year. 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.”

While optimistic, the news comes on the heels of a report from the Commerce Department on Friday that new home sales in February fell 1.6 percent, marking the second month in a row that sales have declined and reaching the lowest level since October 2011.

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_dip_slightly_still_higher_than_last_year/5331.

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