Local Values and Current Market Conditions – St. Petersburg, FL
Pending home sales in March continued their recent momentum, rising for the third straight month and remaining at their highest level since June 2013, according to the National Association of Realtors® (NAR).
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, climbed 1.1 percent to 108.6 in March from an upward revision of 107.4 in February. It’s now 11.1 percent above March 2014 (97.7).
The index has increased year-over-year for seven consecutive months and is at its highest level since June 2013 (109.4).
“Demand appears to be stronger in several parts of the country, especially in metro areas that have seen solid job gains and firmer economic growth over the past year,” says Lawrence Yun, NAR chief economist. “While (it’s) certainly good news, the increased number of traditional buyers who appear to be replacing investors paying in cash is even better news. It indicates this year’s activity is being driven by more long-term homeowners.”
“Demand in many markets is far exceeding supply, and properties in March sold at a faster rate than any month since last summer,” Yun says.
