Pending Home Sales Up in March

The number of pending home sales (or homes under contract) in March is up both month-over-month and year-over-year. The Pending Home Sales Index (forward looking indicator based on contract signings) rose 4.1% to 101.4 in March. This index is at the highest level since April 2010 when it was at 111.3, and was also the height of the First Time Home Buyer Tax Credit. We’ll have to wait and see the number of sales closings in a couple of months, but so far the 1st Q closings for 2012 were at the highest levels for 1st Q closings in 5 years. We’re even seeing prices start to rise in certain areas.