Rapid gain of U.S pending home sales in January 2013

Source: StreetInsider.com
According to the National Association of Realtors, U.S pending home sales surged 4.5% to 105.9 in January from recorded 101.2 in December, and 9.5% from January 2012 when it dropped to 96.7. Sales were low due to insufficient supply of available homes. As the trend is expected to progress in the forthcoming months, economist's expected a gain of 1.9%.
"Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years. Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," said Lawrence Yun, NAR chief economist.


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