The National Association of Realtors reported that the market is starting recover with March pending home sales rising well above from a year ago.
NAR uses the Pending Home Sales Index, a forward-looking indicator based on contract signings, and it rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011.
The South, which includes Texas, one of the strongest recovering states, rose 5.9 percent to an index of 114.1 in March and is 10.6 percent above March 2011. This is a good indicator on how strong homes are selling and more homes are closing.
For the North Dallas area, we are approaching one of the strongest home sales period of the year, spring to summer. We expect to see these numbers improve dramatically.
The first quarter metro area home prices will be released this week and they should also reflect am increase.
Good news all the way around!