Pending home sales across the US rose for a third consecutive month in February 2023.
The National Association of REALTORS(R) “Pending Home Sales Index,” which is based on signed accepted contracts on existing homes, rose 0.8% last month to 83.2. This is the highest level we have seen since August 2022.
It is down, though, 21.1% from the same point last year before the interest rates started to rise dramatically to try to curb inflation.
Pending home sales are in the contract stage before closing. Closing usually happens within a month or two of contract acceptance. The pending home sales index is an indicator of closings to happen over the next few months.
This is hopefully a good sign that the slowed market we had been experiencing across the US may be shifting again. I thank the National Association of REALTORS(R) for sharing their data for members like me. Here is a direct link to the NAR Pending Home Sales Index Report on NAR’s website.
Please note that this is a general overview of pending home sales across the US for February 2023. The Baltimore real estate market may be very different, and each individual area and neighborhood within the Baltimore real estate market can have different statistics. The Greater Baltimore Real Estate Home Demand Index for March 2023 did show a one point increase, so this data from across the US is currently tracking with our more local market.
To learn more about your Baltimore house value or Towson house value, please contact me. I would love to help you move forward!
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