Monday, March 26, 2012

Contracts Up 9.2% Nationwide Over February 2011

The latest Pending Home Sales Index of the National Association of Realtors, with data through February 2012, was released this morning.  The Index tracks the number of properties under contract nationwide and by region.

  • Annual: contracts jumped 9.2% above February 2011
  • Month: contracts dropped slightly (0.5%) from January to February

  • Northeast - 18.4% above a year ago
  • Midwest - 19% higher than February 2011
  • South - 7.8% above last year
  • West - 1.8% below a year ago

Last month NAR reported pending home sales jumped 8% over January 2011.  The increase in contracts activity as we approach the spring market indicates buyers are becoming more motivated as mortgage rates drop and sectors of the economy slowly show signs of improvement.

Contact me for more information on the contracts process and on pending home sales in the Washington area. I'm always available for your questions and happy to consult with you on your real estate needs.

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