The latest report from the National Association of Realtors reports that pending home sales rose 3.2 percent in March.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the increase in buying power is quite remarkable. “Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” he said. “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”
Regionally, the South saw the best outcome in pending home sales, rising 8.5 percent.
The biggest decrease was seen in the Northeast, dropping 5.7 percent.