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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of March on Tuesday, May 4th. The index built on a strong February and continued the rise from a dip in January. The PHSI was up 5.3% over a strong February and the index was up more than 21% from last year. According to the NAR Press Release: Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.” You can find more news information about the March PHSI at these links: |
