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Contracts To Buy Homes Are Up

February 28, 2012 |  Article By :   | 

According to the National Association of Realtors, the index of sales agreements rose 2 percent last month to 97 meaning that the number of contracts to buy homes is up.  This is the highest level since April of 2010 which was the last month of the federal home buyer tax credit.  A reading of 100 is considered to signal a healthy market.

These numbers are for signed contracts not for closed sales, so there is about a 2 month lag time from signing to closing but more people are buying!

Sales of previously owned homes were also at their highest levels since May 2010, first time home buyers are buying more homes, mortgage rates are extremely low  and the supply of homes available is at a 7 yr low.  All of these point to the start of a recovery for the housing industry, but a full recovery is still years away.