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Pending Home Sales increase in March

By Anonymous

From the NAR: Pending Home Sales on an Upswing

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
...
"In the months immediately following the expiration of the tax credit, we expect measurably lower sales,? [Lawrence Yun, NAR chief economist] said.

This is no surprise - the tax credit has pulled demand forward, and existing home sales will decline after June (existing home sales are counted when the contract closes).

Full post as published by Calculated Risk on May 04, 2010 (boomark / email).