March Real Estate Numbers Show Good Signs

Joseph Byrne Tuesday, April 30, 2013

March saw an increase in the number of contracts signed to buy homes. This is the highest number in three years, which points to an increase in home sales this spring. Contract signings increased in the West, Midwest, and the South, but were unchanged in the Northeast.

The National Association of Realtors released numbers on Monday. Pending home sales rose 1.5 percent to 105.7. That is the highest increase since April 2010 and this was due to a homebuyer’s tax credit that was available. This number is above February’s reading as well, which was at 104.1, which is a good sign for the spring/summer.

Low mortgage interest rates and steady job gains are a determinant in the home sales increase. Complete sales, however, have dipped in March and this was largely due to the small number of homes that are available on the market. The number of homes available has decreased almost 17 percent over the past year. This means that the supply would be exhausted in a little less than 5 months.

U.S. builders started more than 1 million homes in March. This is the highest level of growth in almost 5 years. This recovery in the housing market is just one sign that the economic growth of the United States is gaining strength. 

joeb@longislandyellowpages.com

Appears In: Business News

 

 

• Business News
• Education
• Entertainment
• Jobs & Careers
• Local Events
• Local Steals, Deals & More
• Press Releases
• Restaurants & Food
• Sports & Recreation

Columnists John M.   Show all Columnists