Apparently the steady economic growth after the much famed ‘global recession’ is not steady anymore, it is in a mad rush! According to the sources, the sales of the pending homes have increased drastically in February 2010 as compared to previous year’s records. The National Association of the Realtors confirmed this news and is looking forward to the rising demand.
The figures generated by the Pending Home Sales Index provided an insight into the current sales scenario, according to which the sales of pending homes rose to 97.6 per cent in February from 90.2 per cent recorded in January. Though this year the rise may be in single digit (8.2 percent) between two consecutive months, but as compared to that sales figures of the previous year, the sales has increased by a remarkable 17.3 per cent.
Pending Home Sales Index is an indicator which measures the sales of existing pending homes, it is a vital tool in the housing sector.
NAR chief economist, Lawrence Yun, is hoping that this improvement in the number of buyers indicates that coming spring property would sell like hotcakes. This surge seems very necessary for the economy to stabilize home costs and draw in the essential for the inventory.