Good news on the Sanibel & Captiva Real Estate Market Watch:

Good news on the Sanibel & Captiva Real Estate Market Watch:

Pending home sales rise again in March

WASHINGTON – April 28, 2011 – March saw another increase in pending home sales, with contract activity rising unevenly in six of the past nine months, according to the National Association of Realtors® (NAR). The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 5.1 percent to 94.1 in March from a downwardly revised 89.5 in February. The index is 11.4 percent below 106.2 in March 2010; however, activity was at elevated levels in March and April of 2010 to meet the contract deadline for the homebuyer tax credit. The data reflects contracts but not closings, which normally occur with a lag time of one or two months. “Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own,” says Lawrence Yun, NAR chief economist. “The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards.” The PHSI in the Northeast fell 3.2 percent to 63.4 in March and is 18.4 percent below March 2010. In the Midwest, the index rose 3.0 percent in March to 83.5 but is 16.6 percent below a year ago. Pending home sales in the South jumped 10.3 percent to an index of 110.2 but are 10.5 percent below March 2010. In the West, the index increased 3.1 percent to 103.7 but is 4.1 percent below a year ago.

 

Source: www.floridarealtors.org/NewsAndEvents/article.cfm?id=259296

 

 

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