Pending Home Sales Rise to Highest Level in 18 Months

14253124262m5l82015 has only just begun and yet the market is already showing signs of rapid growth. In fact, in January pending home sales rose to their highest level since the summer of 2013 according to the National Association of Realtors. This includes the northeast United States.

For the most part, buyers in early 2015 were able to overcome tight housing supply to successfully ink contracts.

The market also seems to be more favorable for traditional buyers able to put down all-cash payments.

The indications for 2015 are that we are already ahead as we enter the spring buying season, but the pace of growth will depend on the impact of low inventory on home prices. If homes appreciate in the double-digits, it’s simply not sustainable.

The Pending Home Sales Index in the Northeast inched to 84.9 in January, and is now 6.9 percent above a year ago.

Across the nation and including our region, the median home price is expected to increase near 5 percent.

For more information about industry news and current trends locally, contact a Bowen Agency realtor today.