Pending Home Sales Up in the Northeast
Here’s some positive real estate news: The National Association of Realtors reported today that pending home sales posted the biggest monthly jump in almost eight years.
The group’s index of purchase and sale contracts signed in April rose 6.7 percent to 90.3 from 84.6 in March. The reading was also 3.2 percent higher than the same month last year.
The Northeast’s pending sales increased the most – nearly 33 percent.
Realtors say the $8,000 first-time homebuyer tax credit helped fuel the increase. But even the NAR Chief Economist cautions that the pending sales data is more unpredictable because it includes short sales that are being negotiated. Short sales, transactions in which banks need to agree to less than the mortgage that is owed, can be difficult and often fall apart.
Still, the pending home sales index has been up for three consecutive months, which is a hopeful sign.
Home sales have been pretty weak in Connecticut so far this year. Watch out to see if The Warren Group reports anything different tomorrow when it releases its latest home sales and price report for Connecticut.