More listed properties were put under agreement during March, as an increasing number of consumers may be experiencing heightened confidence and have begun to pursue homeownership.
In its Pending Home Sales Index for March 2013, the National Association of Realtors announced public property records show more houses were put under contract last month than during February and March 2012. The latest index improved 1.5 percent from the preceding month, moving up to 105.7 from the previous reading of 104.1. On an annual basis, the current level is 7 percent above the year-ago level of 98.8.
Pending sales have reportedly been recorded at higher numbers on a year-over-year basis for the past 23 months, and by year's end, existing home sales are expected to top 2012 figures by about 7 percent over - totaling around five million. In addition, the national median existing-home price is estimated to appreciate approximately 7.5 percent.
As mortgage records continue to show steady rates, and consumers experience improvement in their financial standing, national confidence levels may see related rises. The U.S. Department of Commerce recently reported personal income, nominal disposable personal income and nominal personal consumption expenditures all increased 0.2 percent during March.