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US Pending Home Sales Rise for Third Month in a Row

home buying 18We have some excellent news to report from the national housing market: Evidently US pending home sales index increased for the third straight month in April.

This is a great testament that the national housing market is getting back on track and becoming increasingly stable.

If you’re considering entering the market anytime soon as a buyer or seller, we encourage you to continue reading to learn more about this new trend.

The Latest Outlook from the Housing Market is Positive

Let’s take a closer look at the recent report from the National Association of Realtors.

According to recent data, the pending home sales index (which is based on contract signings for purchases of previously owned homes) increased 1.1 percent to a seasonally adjusted level of 108.6 in March.

This is also higher than in February, when the level was 107.4.

And evidently, the increase in the home sales index is higher than many economists surveyed by the Wall Street Journal thought it would be. They had expected the increase to be 1 percent.

Here are some additional highlights from the recent report:

  • When comparing March 2014 to March 2015, the index increased 11.1 percent.
  • Completed existing-home sales increased 6.1 percent in March. This increase followed two months in which the gains were lackluster.
  • And although sales of newly built single-family homes decreased from February to March, they increased almost 20 percent from the sales pace of a year ago.
  • The average interest rate for a 30-year fixed-rate mortgage was 3.77 percent in March, which is slightly above the previous month but also down from a year earlier.
  • And pending sales of existing homes increased in the South and the West during the month of March, but decreased in the Northeast and Midwest.
  • Meanwhile, markets across the country are seeing home prices increase.

Experts believe that low housing inventory have driven prices up on existing homes. And while that has helped to close the gap in cost between newer homes (which are typically more expensive) and previously-owned homes, existing home sales still account for roughly 90 percent of the overall market.

Will These Positive Housing Market Trends Continue?

Check back with us soon to see if national real estate activity continues on this upward trend or takes a dip.

Having the most up-to-date market data is critical to ensuring a successful outcome as a buyer or seller. That’s why we hope you’ll check back here again soon for the most up-to-date information on the market possible.

About The Adler Home Team

When looking to buy or sell in Northern New Jersey, you may rely on The Adler Home Team and their intimate knowledge of the distinct communities throughout the region. Jeff & Debby Adler continue to lead with contribution and have served over 1,100 families in their 20 year experience in Northern New Jersey. Through their combined efforts, this team of eleven professionals is very diligent in serving a full array of clients from first time buyers to those seeking their expertise in Residential, Condos, Townhomes, Luxury, New Construction, Relocation, Short Sales, Foreclosures and Rental Properties. By accessing the very best in technology, current market data and creative marketing applications, The Adler Home Team takes every measure to ensure that their clients are educated and provided with the critical insights that meet their specific requirements. They teach, lecture and train at the national level on negotiation skills, marketing and team building. The Adler Home Team is most proud and thankful for their strong referral business that confirms their talents, creativity, professionalism, diligence, knowledge, and outstanding integrity. The Adlers look forward to forming a partnership with their clients to help them reach their goals and make smart business decisions. So, when it comes time for you, a friend, or a family member to make a move, trust the Adler Home Team to win for you. Google

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