Pending home sales increased in March 2021 from February pending home sales. A great deal of the increase reflects the growth of new home listings that came on the market during the month of March. February and January pending sales reflected the shortage of inventory that has plagued the market for the last year and a half.
The pending home sale index climbed 1.9% to 111.3. The year-over-year contract signings increased over 23% from March 2020, which is a reflection of the slowdown in purchases due to the initial stages of the pandemic.
With mortgage rates generally at record lows, and the economy coming back strongly, and new construction continuing to bring new product to the market, buyers are resilient when it comes to making their home purchase decisions. First-time buyers comprised approximately 40% of all purchases today.
The National Association of Realtors projects that existing home sales will rise to 6.2 million for 2021, with the median sales price projected to rise 9% to $323,900.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on Facebook: https://www.facebook.com/