May/June 2012 Market Pulse
May/June 2012 Market Pulse
Existing-Home Sales Rate For March 2012
4.5 million
This is a seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.
Inventory For March
2.4 million
This measures the number of existing homes on the market at the end of the month.
Pending Home Sales Index For March
101.4
This index measures housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year.
Source: NAR Research
Strong First Quarter
Existing-home sales dipped in March from the previous month to 4.48 million units, but the quarter remains the strongest first quarter in five years. Looking ahead, NAR’s pending home sales index is up for the third straight month, suggesting sales could remain healthy through the second quarter. Monthly inventory is at a historically average level, down sharply from last year, which may signal a modest rise in prices on average.
Confidence Continues Upward
Practitioner confidence in housing market conditions continues to build. Sizable upswings in expectations for both buyer and seller traffic point to confidence that the spring selling season could be robust relative to the last few years.
Results are based on 3,500 responses to 6,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0).
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