The 3% increase in pending home sales in February points to "yes."
A National Association of Realtors’ index based on contract signings rose to 106.9 in February. That’s 12 percent over where it was a year earlier. The Pending Home Sales Index has been above 100 – the level indicating average activity – for 10 straight months.
NAR Chief Economist Lawrence Yun said the increase in pending home sales was “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.”
First-time buyers accounted for 29 percent of pending home sales in February, up from 28 percent in January.
If we want first-time buyers to make a huge impact this year (as we all expected they would) we should really have some more inventory. Hopefully we get some more inventory on Seattle and the Eastside to provide more options for those first-time buyers.
Realtors project sales of existing homes will total 5.25 million this year, up 6.4 percent from 2014. I think it's safe to say that we can look forward to a great spring this year!
Read the full article on the Puget Sound Business Journal for more information.
Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to helping you find the home you deserve through the VA loan.