Momentum appears to be building toward a
healthy spring market according to data released today on March pending home sales. The National Association of Realtors® (NAR)
said its Pending Home Sales Index (PHSI), reached 108.6 in March, a 1.1 percent
increase over the previous month. At the
same time the February Index number was revised upward from 106.9 to 107.4.
March is the third consecutive month that
pending sales have increased month over month and the Index is now at its highest
level since June 2013 when it was 109.4.
The PHSI was up 11.1 percent from the March 2014 level of 97.7. It has now increased year-over-year for seven