Spring has sprung – and so has the housing market. According to a recent report from The National Association of Realtors, the pending home sale index rose 3.1% in February. Even more impressive is the explosion in housing contract signings. The Midwest and Southern regions of the U.S. have currently hit the highest level of contract signings in two years.
"Pending sales showed solid gains last month, driven by a steadily-improving labor market, mortgage rates hovering around 4 percent and the likelihood of more renters looking to hedge against increasing rents,” said Lawrence Yun, a chief economist with The National Realtors Association.
Yun went on to note that though the market is strengthening, there is still an issue with the number of homes that are available for sale. However, The National Realtors Association is projecting a 6.4% increase of homes available in 2015.
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