(WASHINGTON) – NAR reports its Pending Home Sales Index of contracts signed in February rose to 82.1 from a reading of 80.4 in January – but is still below last year’s February index of 83.3.
Alternatively, because of the general decline in housing prices, NAR’s Housing Affordability Index for February reached a record high of 173.5 compared to 172.6 in January.
According to trade association calculations, a median-income family earning $59,700 could afford a home costing $285,600 in February, assuming a 20 percent down payment.
NAR Chief Economist Lawrence Yun said he expects housing inventories to rise through early summer. He added, however, that he expects price stabilization in most markets by the end of the year.
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