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National Association of Realtors® today released new data on housing activity during January

New sales contracts for existing homes rose in January, according to data released by the National Association of Realtors® today. In a healthy sign for the economy, the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.5% to 105.9 in January from a downwardly-revised 101.3 in December and is 9.5% above January 2012 when it was 96.7. There were healthy monthly gains in all geographic regions except for the West (including Flagstaff), which is constrained by limited inventory and showed a fall in contracts from January 2012 though there was a slight uptick from December.

Lawrence Yun, NAR chief economist, said inventory is the key to this year’s housing market. “Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It’s also why we’re experiencing the strongest price growth in more than seven years,” he said. Hear more of what Yun has to say about the national real estate market by clicking on the video.

To buy or sell any Flagstaff home, please contact me: Ann Heitland at RE/MAX Peak Properties.

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