Pending home sales up
Posted February 27, 2012
We begin the week on the right foot for housing.
The National Association of Realtors announced that its pending home sales index, which is a forward looking indicator for housing, increased two percent in January to a reading of 97 from the revised December reading of 95.1, and has jumped eight percent in year over year data. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and is 10.5 percent above a year ago. This is another great sign that housing here in the Triangle is heading for a rebound.
In addition to the positive Realtor news, The National Association of Home Builders reported that foot traffic was up 17 percent in January.
Treasuries also got a boost today with European concerns returning to the headlines. The 10 Year saw its yield drop to 1.91, which is the lowest yield we’ve seen in many trading sessions. Mortgage Rates continue to be very strong here in the Triangle.