Pending home sales rose to their highest level this February, and remain higher than a year ago according to the National Association of REALTORS?. Led by a sizeable increase in the Midwest, all major regions except for the Northeast saw an increase in contract activity.
Although the Pending Home Sales index, a forward-looing indication based on contract signings, has now increased year-over-year for 18 consecutive months, last month?s gain was the smallest.
Experts and economists are predicting a competitive upcoming home buying season due to short inventory.
The median sale price of homes jumped 11% year over year by July 25. The price, $315,000, its the highest sale price registered since 2014.
After five months of upswing, sales of existing homes were lower in November.
They lowered 2.5% month-to-month to a seasonally adjusted yearly rate; 6.69 million units. Sales were 25.8% higher YoY.