March pending home sales rose 3.4 percent compared to February, the first gain in the last nine months, according to the latest National Association of REALTORS® Pending Home Sales Index. Year-over-year pending sales were down 7.9 percent compared to March 2013. NAR Chief Economist Lawrence Yun said an increase after months of stagnant activity was inevitable. Read the full NAR release.
“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” Yun said. “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”
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