Pending Home Sales Rise for March Across the US

With Housing Affordability near record highs across the nation, the Pending Home Sales Index "increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7" according to The National Association of Realtors. NAR's Housing Affordability Index for March was at 166..7; near record highs. For the complete report click here.

The Basking Ridge Real Estate Market saw Pending Home Sales remain steady for March at 24 homes to February's numbers, but saw a year over year decline from last March's 30 homes Under Contract. This is consistent with the rest of the rest of the Northeast, which "fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago," according to NAR. Look for good numbers in April to continue across the nation and rebound in Basking Ridge. The "spring market" has gotten off to a nice start with 42 homes Under Contract for April, just slightly below last years pace of April's 43 Homes.