The National Association of Realtors (NAR) reported its Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.5 percent in March and is 7 percent above March 2012. Pending sales have been above year-ago levels for the past 23 months.
Lawrence Yun, NAR chief economist, said the market appears to be leveling off. “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 near-term sales closings, but they should edge up modestly as the year progresses,” he said. “Job additions and rising household wealth will continue to support housing demand.”
This year, total existing-home sales are projected to increase 6.5 to 7 percent over 2012, while the national median existing-home price is forecast to rise about 7.5 percent.
