NAR: Traditional buyers are replacing investors, boding well for the housing market
The number of homes that went under contract rose for the third straight month in March, the National Association of Realtors reported today.
Pending home sales — a forward-looking indicator based on contract signings — climbed 1.1 percent from February to March, and were up 11.1 percent from the same time a year ago, according to NAR.
“While contract activity being up convincingly compared to a year ago is certainly good news, the increased number of traditional buyers who appear to be replacing investors paying in cash is even better news,” said NAR Chief Economist Lawrence Yun. “It indicates this year’s activity is being driven by more long-term homeowners.”
Pending home sales in the Northeast fell 1.5 percent in March, slipped 2.5 percent in the Midwest, increased 4 percent in the South and rose 1.7 percent in the West.
Read the full press release below:
