The housing market is in full bloom this season with pending home sales already up 3% in February. According to the National Association of Realtors, signed home contracts are up 12% from a year ago and the highest they have been in two years.
Chief economist for the National Association of Realtors, Lawrence Yun, said, “Pending sales showed solid gains last month, driven by a steadily-improving labor market, mortgage rates hovering around 4 percent and the likelihood of more renters looking to hedge against increasing rents.”
The only thing currently slowing down the market is low inventory. Lack of homes available for purchase is making for a highly competitive housing market and is increasing home prices. So far we are on track for a great home buying season!