| Daily Real Estate News |
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| Pending Home Sales Up |
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According to the National Association of Realtors, home sales are increasing as well. The group's pending home sale index for February rose by 2.1 percent over January, although current figures are still down over the fourth quarter of 2008.
'More buyers are getting into the market to take advantage of stimulus incentives and much improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity,' said NAR chief economist Lawrence Yun.
And the NAR index of housing affordability actually rose to a new record high in February, measuring 36.3 percent higher than this time last year.
Therefore, the market state is currently as follows: Homes are more affordable, interest rates are lower and there are plenty of choices for prospective buyers. Yet unemployment remains at higher-than-normal levels, making it difficult for many to capitalize on the incredible buyers market. Job creation may have to increase significantly before the full housing correction can be made.
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