Slightly more Americans signed contracts to buy homes in March, yet higher mortgage rates and a shortage of available houses are weighing on sales. The National Association of Realtors said Monday that its pending home sales index ticked up 0.4 percent last month to 107.6. It was the second straight increase, but the index is still 3 percent lower than it was a year ago. Steady hiring and modest pay gains are lifting demand for homes. But rising mortgage rates, which reached the highest level in more than four years last week, are restraining sales. Purchases of existing homes ticked up in March but are still slightly below year-ago levels. The number of houses available for sale has plunged 7.2 percent in the past year. Harsh winter weather likely dragged down contract signings in the Northeast, where they fell 5.6 percent. Pending sales rose 2.4 percent in the Midwest and 2.5 percent in the South. They fell 1.1 percent in the West.
Author:Darik Steinbach Phone: 952-239-4290 Dated: May 1st 2018 Views: 43 About Darik: I have been selling residential real estate in Minneapolis full time for 10+ years.
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A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door, and the way you can instantly envision your life unfolding there.
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Pending home sales ticked up in MarchSlightly more Americans signed co
Thank you for spending the time in getting me into my new home! And for putting up with apprehensive me during the process. I am happy in my new townhome and although still getting settled in, I am enjoying it. Again, thank you for your knowledge of knowing how to put it all together with selling & buying. Everything worked as you said it would!