Contracts Up 12.8% Nationwide Over March 2011

The latest Pending Home Sales Index of the National Association of Realtors -- with data through March 2012 -- was released April 26. The Index tracks the number of properties under contract nationwide and by region.

 Nationwide:

• Annual: contracts jumped 12.8% above March 2011
• Month: contracts increased 4.1% from February to March

Region:

• Northeast - contracts rose 21.1% above March 2011
• Midwest - 16.9% higher
• South - 10.6% above last year
• West - 9.0% higher than a year ago

The Pending Home Sales Index has reported a steady increase in contracts activity over the last two months.

• February 2012 - contracts jumped 9.2% over February 2011
• January 2012 - rose 8% over January 2011

The increase in contracts activity as the spring market gets underway 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.