AR IL ATE SPRING, MR.
The National Association of Real Estate Agents’ expected home sales index fell 2.8% to 122.8, still a record for the month. The December index, which was also at a record high, was revised upwards.
Despite the recent declines, the number of contracts is still 13% higher than last year, which indicates that the housing market remains strong despite the widespread economic damage caused by the epidemic.
The signing of the contract is considered a barometer of procurement, which will take place in the next one or two months after the start of the spring shopping season.
At the regional level, the decline was topped by the West with a 7.8% decline, followed by a 7.4% decline in the Northeast. Contracting in the Midwest fell 0.9% ում in the south increased slightly by 0.1%. However, over the past four years, pending home sales in all four regions have still grown significantly.
Prospective buyers jump into the market to try to take advantage of historically low interest rates, but over the past տարվա year, the prices of existing and new homes have risen sharply to record lows.
The supply of new homes in the market may kick in this spring. The Department of Commerce reported last week that the increase in applications for building permits in January was 10.4%, up from eight months in the same period, according to a group of realtors.