When a buyer’s offer is accepted and a contract signed, that home’s sale is considered pending until closing. Pending sales are a good indicator of future home sales, because there are typically weeks between the time of the signing of the contract and finalizing the sale. The rise in contract signings have been noted and is expected to continue to rise.
Contract Signings Expected to Rise
That’s why the National Association of Realtors’ Pending Home Sales Index tracks them each month. In April, signings fell from the month before. Acknowledging the month-over-month dip, economists still see some light. Lawrence Yun says contract signings are almost back to the level they were at before the coronavirus took hold. “Contract signings are approaching pre-pandemic levels after the big surge due to the lack of sufficient supply of affordable homes,” Yun said. “The upper-end market is still moving sharply as inventory is more plentiful there.” Yun expects the number of homes available for sale to improve as the year goes on. And as inventory improves, so should the number of home sales. Follow the link for more information.
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