About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Pending-Home Sales Beat Expectations

The report on pending-home sales brought welcome news this months after a disappointing winter season.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, grew 3.5% to 109.1 in February from a downwardly revised 105.4 in January, and is now 0.7% above February 2015 (108.3), according to the National Association of Realtors.

This increase in February marks the highest level in seven months and remains higher than a year ago.

While the index has now increased year-over-year for 18 consecutive months, last month’s annual gain was the smallest.

“Today’s seasonally adjusted February pending home sales index showed a higher-than-expected increase of 3.5% from January, a good indication that existing-home sales for March should bounce back from the February decline,” said Jonathan Smoke, chief economist of Realtor.com.

“Two factors — low inventories and tight credit — will limit the gains we will see in 2016. However, given the level of pent-up demand evident in web activity and stated buyer intentions for 2016, we should see this spring materialize as the busiest season of sales since 2006,” Smoke said.

Broken up, the Midwest led the growth, surging 11.4% to 112.6 in February, and is now 2.5% above February 2015. The PHSI in the Northeast fell 0.2% to 94.0 in February, but is still 12.6% above a year ago.

Pending home sales in the South increased 2.1% to an index of 122.4 in February but are 0.4% lower than last February. The index in the West slightly grew 0.7% in February to 96.4, but is now 6.2% below a year ago.

For this complete article from housingwire.com please click HERE.

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.