Springing Home Sales...

Existing, Pending Home Sales on an Upward Trend According to the National Association of Realtors (NAR), pending home sales rose 2 percent in January and are 8 percent higher than January 2011. The January index is the highest since April 2010 when buyers were rushing to take advantage of the home buyer tax credit. Lawrence Yun, NAR chief economist, said this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year.” In addition, existing-home sales rose 4.3 percent in January, marking three gains in the past four months. NAR President Moe Veissi said buying power is enticing more potential home buyers. “Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” he said.