Sales of existing us property predicted to hit 5 million in 2013
The NAR’s latest report shows that pending sales of US property continues to increase in March by 1.5 per cent. The number of transactions last month is 7 per cent higher than March in the previous year - the 23rd month in a row of year-on-year growth.
Lawrence Yun , NAR chief economist, said the market appears to be levelling 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."
The pending home sales index in the Northeast was unchanged at 82.8 in March and is 6.3 percent higher than March 2012. In the Midwest the index increased 0.3 percent to 103.8 in March and is 13.7 percent above a year ago. Pending home sales in the South rose 2.7 percent to an index of 120.0 in March and are 10.4 percent higher than March 2012. In the West the index increased 1.5 percent in March to 102.9 but is 4.3 percent below a year ago.
And sales are projected to keep on rising this year, increasing by 6.5 per cent to 7 per cent over 2012 levels to nearly 5 million. Median house prices are predicted to see a similar rise of about 7.5 percent.