Pending Homes Tick Upward

Despite the number of homes on the market being at historic lows, the number of contracts signed on existing homes rose slightly in March. These are not closed sales, but the number indicates closings in the future, making it a good barometer for sales numbers.

The Pending Home Sales Index from the National Association of Realtors increased 1.5 percent month-to-month, a 7 percent increase from March 2012.

In a statement released to the press, Realtors chief economist Lawrence Yun said, “Contract activity has been in a narrow range in recent months, not from a pause in demand but because of limited supply. Little movement is expected in the near-term sales closings, but they should edge up modestly as the year progresses.”

Because many homes are still underwater, fewer homes are being put up for sale, as homeowners resolve to ride out the down market. According to the association, listings are down 17 percent from March 2012. Demand, however, is increasing, and is likely to continue to rise if listings continue to be sluggish.

Home builders, meanwhile, are faced with building material costs at 90% of their pre-bust levels, and are being conservative in their efforts to ramp up production. Lack of land and labor are also factors.

In a tight market, you need an experienced Realtor to navigate the terrain and find you the best value. Call Linton Hall Realtors today.


About Ashley Leigh

Ashley Leigh is one of the most successful real estate agents in the United States and founder of Linton Hall, Realtors®, the premier real estate company in Prince William County, Virginia. In his book Billion Dollar Agents, Steve Kantor featured Ashley for individually producing well over $2 Billion in career sales selling thousands of homes. Ashley Leigh's innovative marketing programs have been have been written about in Fortune magazine. Additionally, Ashley has been profiled in RISMedia’s Real Estate Magazine and Power Team Report and has been recognized by REALTOR Magazine as one of the Top Sales Agents in the U.S. The Wall Street Journal ranked Ashley as one of America’s Top 20 Realtors in the Nation for his sales production for several years. Connect with Ashley on Google+

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