Pending home sales increased in March 2013 and continue to remain above levels from a year ago in 2012, according to the National Association of Realtors® in its latest Pending Home Sales Index (PHSI). This analysis is based on contract signings, which rose 1.5 percent to 105.7 in March. Overall numbers are up by 7.0 percent above March 2012 when it was 98.8. So it just may be time for you to make your house plans a reality!
What’s exciting is that the total existing-home sales are projected to increase more than 6.5 to 7 percent over 2012 to nearly 5 million sales in 2013. What’s more, the national median existing-home price has been forecast to increase by around 7.5 percent. That means many folks will either be in need of home plans for building or they will buy a previously owned house.
The PHSI is a leading indicator for the housing sector, and it is based on pending sales of existing homes. A home sale is usually listed as pending when the contract has been signed, and although the transaction has not yet closed, sales are almost always finalized in no more than two months from signing.
What the United States needs economically are additional jobs, but increasing household wealth will continue to support housing demands and that’s good for the overall economy.
Note: This data reflect contracts and not closings, and the index is based on a large national sample which typically representing about 20 percent of transactions for existing-home sales.
