® Housing Market Recovery Index, which was created to measure the pandemic s impact on the housing market by tracking movement in new listings, buyer demand, time on market and prices, stood at 101.6 for the week ended March 6. Aside from new listings, which remain below the pre-COVID baseline, the market is tracking ahead of pre-pandemic levels at the end of January 2020. The housing market bounced back so much faster than other sectors of the economy that many have forgotten that housing activity slowed to a crawl during the early days of the pandemic, said realtor.com
® Chief Economist Danielle Hale. One year later, the demand for housing remains strong, while supply remains limited.
Pending Home Sales Retreat 2 8% in January, but Climb From Last Year forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
NAR Chief Economist, Lawrence Yun (PRNewsfoto/National Association of Realtors)
The
Pending Home Sales Index (PHSI), www.nar.realtor/pending-home-sales, a forward-looking indicator of home sales based on contract signings, waned 0.3% to 125.5 in December. Year-over-year, contract signings jumped 21.4%. An index of 100 is equal to the level of contract activity in 2001. Pending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale, said Lawrence Yun, NAR s chief economist. There is a high demand for housing and a great number of would-be buyers, and therefore sales should rise with more new listings.