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The Week Ahead: Tracking Home Sales

The National Association of Realtors will release its pending home sales index at 10 a.m. EST on Tuesday. February’s report indicated an 11-month high in home sales.

New single-family homes sales were at a seasonally adjusted annual rate of 667,000, which is around 4.9% higher month-over-month and 0.6% higher annually, according to February’s report.

Tian Liu, Chief Economist at Genworth Mortgage Insurance, noted the strong job market and its impact on housing in the past few months and even years.

“Falling interest rates since late December 2018 have helped to stabilize housing demand, especially in the single-family housing market,” Liu said. “The tight labor market has created the fastest wage growth in almost 10 years, making it more attractive for workers to change jobs and boost housing demand associated with increased relocation rates.”

Danielle Hale, realtor.com’s Chief Economist, stated that March’s data indicated a stronger market.

“February pending home sales data showed weakness after a pick-up in January contract signings, but February new home sales data shows a stronger read of 667,000 new home sales, up 4.9 percent from January and also slightly above last year’s sales pace (0.6 percent),” Hale said. “This trend supports the fact that lower mortgage rates have started to entice buyers this spring and foreshadows a potential strengthening of existing home sales in the months to come. Looking forward, orders should also help bolster builder confidence and boost new construction.  A slight moderation in the median price due to an increase in the share of sales in the $200,000-$300,000 category is also a good sign.”

Here’s what else is happening in The Week Ahead

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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