Inside Lending Newsletter From Kristen Zorda, Pending Contracts Shot Up in March!
QUOTE OF THE WEEK… “The key to everything is patience. You get the chicken by hatching the egg, not by smashing it.” –Arnold H. Glasow, American humorist
INFO THAT HITS US WHERE WE LIVE… It’s taken a bit of patience to see Pending Home Sales go up after months of stagnant activity. But go up it did in March. The Pending Home Sales index of contract signings shot up 3.4% for the month, its first gain in the last nine months. The National Association of Realtors (NAR) chief economist explained: “After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers.”
Looking ahead, the NAR economist was upbeat: “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.” Some of that added inventory could be from sellers coming off the sidelines as home prices continue to recover. The Case-Shiller/S&P 500 index of home prices in 20 key metros went up 0.8% in February (seasonally-adjusted). This widely followed reading shows prices up 12.9% in the past year.
648 Plank Rd. Suite 203
Clifton Park NY 12065
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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