We’ve been hearing it and now there is proof. The March 2012 report released by the National Association of Realtors (NAR) showed a 12.8 percent increase in pending home sales from a year ago. This positive report serves as solid evidence of a recovering housing market. The Pending Homes Sales Index for March was 101.4, which is a 4.1 percent increase from the index in February.
“An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.”
NAR chief economist Lawrence Yun concluded that these reports are an indicator that 2012 will a year of healthy healing, sustaining and growth for the housing market.
Investors and homebuyers looking to explore their luxury real estate options while interest rates and home prices are still at record lows can contact Hurwitz James Company in Beverley Hills at 888-681-5901.