NAR: Pending home sales rise, another signal market is recovering

March pending home sales rose 4.1 percent over February and are 12.8 percent higher than a year ago, according to the Pending Home Sales Index released today by the National Association of REALTORS®

NAR Chief Economist Lawrence Yun forecasts that 2012 will be a year of recovery for housing. First quarter sales were up and March’s strong pending home sale activity signals that the trend could continue into the second quarter.

“The housing market has clearly turned the corner.  Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses,” Yun said.

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