U.S. pending home sales hit three-year high



While U.S. existing home sales have been relatively level this year, they are likely to begin to rise, Mondays report on pending home sales indicates.

While U.S. existing home sales have been relatively level this year, they are likely to begin to rise, Monday’s report on pending home sales indicates.








Damon Scott
Reporter- Albuquerque Business First

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While U.S. existing home sales have been relatively level this year, they are likely to begin to rise, Monday’s report on pending home sales indicates.

The National Association of Realtors reported that pending home purchases rose 1.5 percent in March to 105.7 on the index — the highest level since April 2010. Signed contracts are 7 percent higher than a year earlier.

However, limited inventory is continuing to hold back sales. Sales of existing homes fell in March to a seasonally adjusted annual rate of 4.92 million from 4.95 million in February. Analysts say spring is an important time for the housing sector as buyer traffic and thus sales start to increase. In addition, mortgage rates remain at near record lows.

In New Mexico, the first quarter brought increases in both home sales and median prices compared to last year, according to the REALTORS Association of New Mexico.

There were 3,306 sales reported in New Mexico for the first quarter, 288 more than the first quarter of 2012. The total includes 1,272 home sales in March, a 3.7 percent increase over March 2012.

505.348.8315 | damonscott@bizjournals.com

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