Finally some good news
February proved to bring great news as the pending home sales index (based on contracts signed in the month) surged 8.2%, the highest monthly rise since October 2001, according to the National Association of Realtors.
NAR’s chief economist, Lawrence Yun said, “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten. We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”
Economists projected February would experience a 1% drop in pending home sales and compared to February 2009, the pending home sales numbers have improved 17%
