Some good news on the pending home sales front was delivered this morning. Pending home sales increased 3.1 percent in February to their highest level since June 2013. This is a positive sign heading into the spring home buying season. This also shows positive momentum in general for the housing market since this is the fourth consecutive month pending home sales have been up.
If we're going to have the best homes sales this year since 2007 we need homes sales to surpass 2013. Currently, we're running about 7,000 home sales short, non-seasonally adjusted. While existing home sales are down 3%, new home sales are up 19% compared to 2013 through February. With the strong pending home sales we're running neck-and-neck through March. April will be the make or break month when we really see the spring homebuying season kick in.
We'll continue to update our housing tracker each month.
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