New numbers from the National Association of Realtors show signed contracts to buy homes increased 3.8 percent in March. The improvement follows a decline the month before and could be a sign that the market is turning a corner. Lawrence Yun, NAR’s chief economist, says results have been fluid over the past few months but he expects sales activity will begin to climb. “We are seeing a positive sentiment from consumers about home buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favorable,” Yun said. He also noted that pent-up demand, along with rising inventory, should lead to more home sales. “There is a pent-up demand in the market, and we should see a better performing market in the coming quarters and years,” he said. Also in the report, pending home sales – which refer to signed contracts, not closings – were up in the Midwest, South, and West. Only the Northeast saw declining activity in March. More here.
