According to the chief economist for the National Association of Realtors,® 2015 is shaping up to be the best year for home sales in the last 9 years. On the other hand, he addresses income and wealth inequality as a threat to future growth. All of this came in reporting on the statistics for pending home sales as of the end of March:
The Pending Home Sales Index, a forward-looking indicator based on home purchase contract signings, climbed 1.1 percent to 108.6 in March from an upward revision of 107.4 in February and is now 11.1 percent above March 2014 (97.7). The index has now increased year-over-year for seven consecutive months and is at its highest level since June 2013 (109.4).
Lawrence Yun, NAR chief economist, says contract signings picked up in March as more buyers than usual entered this year’s competitive spring market. “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,” he said.
Yun expects a gradual improvement in home sales in the months ahead but says insufficient supply and accelerating prices could be a drawback to sales reaching their full potential.
For information on the Flagstaff real estate market, or to buy or sell a Flagstaff home, call the Elite Team at RE/MAX Peak Properties: 928.714.0001.