Its Pending Home Sales Index, a forward looking indicator based on contract signings, eased 0.5% to 96.5 in February from 97 in January but is 9.2% above February 2011 when it was 88.4. The data reflects contracts but not closings.
NAR chief economist Lawrence Yun said that the figures are a continuation of an uneven but higher sales pattern. ‘The spring home buying season looks bright because of an elevated level of contract offers so far this year. If activity is sustained near present levels, existing home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising seven to 10% in 2012,’ he explained.
The PHSI in the Northeast slipped 0.6% to 77.7 in February but is 18.4% above a year ago. In the Midwest the index jumped 6.5% to 93.8 and is 19% higher than February 2011. Pending home sales in the South fell 3% to an index of 105.8 in February but are 7.8% above a year ago. In the West the index declined 2.6% in February to 99.3 and is 1.8% below February 2011.
Meanwhile, New York's housing market experienced a double digit sales increase in February from a year earlier, even while sales declined from January, figures from the New York State Association of Realtors show.
Existing single family home sales by its members in February grew 9.6% to 4,521 from 4,124 from a year ago. The figure is 2.6% behind the prior month’s total of 4,639.
Median sales price in the Empire State have remained above $200,000 since May 2011. At $220,000, the median price is 8.3% below the year earlier median of $239,900 but 6.3% higher than $206,960 in December.
‘For the third straight month, the statewide median sales price has increased and is at the highest point since September 2011. Despite some fluctuation, the monthly statewide median has remained above $200,000, providing a positive indicator for the market,’ said NYSAR chief executive officer Duncan MacKenzie.
Chenango, Washington, Essex, Schuyler, Lewis, Madison and Otsego counties all had triple digit gains from a year earlier in terms of homes sold in the state. Chenango county had the highest gain at 182%.
But pending home sales shot up in California in February as more buyers signed contracts to acquire homes, according to the California Association of Realtors. CAR's pending home sales index grew from 102.3 in January to 127.8 in February.
In February, the share of distressed sales recorded in California fell due to a lack of inventory in the bank owned segment and in the short-sale market, CAR said.
‘In fact, REO inventory declined 24% in February from the previous year, while short sale inventory dropped 17% during the same period,’ said CAR president LeFrancis Arnold.
Equity sales in California made up 51.1% of home sales in February, compared to 49.9% and 44.8% of all sales in January 2012 and February 2011, respectively.
