Pending Home Sales Up… Recovering Market?

You may be asking yourself, ‘is the market recovering?’, or ‘is now a good time to list my home for sale?’.  Many signs point to yes, the market is on it’s way back to proper health.  Based on data from the National Association of Realtors the Pending Home Sales index is up on a national scale of 12.8% from this time last year.  That means we have many more homes under contract, bringing down inventory and in some areas causing prices to increase.  The first quarter sales have been the highest in the past 5 years, and statistics by NAR point to an equally success in the second quarter. What does this mean for Sellers?  It means that we are going to see their listings on the market for a shorter amount of time, and due to supply shrinking we’ll continue to see slight increases in price. If you’re a buyer, don’t feel frustrated and think that you’ve missed your opportunity to find an affordable home. It’s going to be many years before we see the prices reach the heights that they were at in the prior decade.

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