The Pending Home Sales figure took a jump in March as home sales continue to grow via enticingly low mortgage rates and a tax credit set to expire shortly. A 5% increase is indicated throughout the month of March, but the PHSI is still nowhere near its peak in the 4th quarter of 2009. October 2009 is a comparable period to March 2010 in that it marked the 1-month deadline before the home buyer tax credit’s initial expiration date, which was then extended to a later date.
That being said, home buyers nationwide are experiencing a change in activity as multiple offer scenarios are not uncommon and those homes that are competitvely priced fall into contract rather quickly. The increase in March’s PHSI is having a negative impact on the housing inventory which, in turn, is causing prices to rise in most markets.
Today’s homebuyers should consider making an offer sooner rather than later. Looking at the data privded by NAR below, it appears that the best time to find a “deal” on a home is still in February.
For additional information on surging home prices, view the clip below.
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