Mild Weather, Low Mortgage Rates and Moderating Home Prices Lead to Record Number of Pending Sales for a February

pendingsales_gradientFB

Homebuyers took advantage of mild winter weather, moderating home prices and mortgages rates hitting a 12-month low (3.695%*) to push pending home sales up to their highest level in the month of February since MAR began recording this data in 2004. Unsurprisingly, Realtors® confidence in the market was positive again in February.

February Pending Sales:

Single-Family February 2016 February 2015 %Change
Sales 4,531 2,578 75.8%
Median Price $308,750 $316,000 -2.3%
  • Pending sales have been up 35 of the last 36 months
Condominium February 2016 February 2015 %Change
Sales 1,809 1,118 61.8%
Median Price $285,000 $293,250 -2.8%
  • Pending sales have been up 35 of the last 36 months

pendingFeb16

Confidence Index February 2016 February 2015 %Change
Market 68.66 54.48 26%
Price 75.70 76.35 -1%
  • The RMCI was up for the 11th straight month
  • The RPCI was down for the first time in six months
  • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition

Read the full February 2016 Future Indicators Report release.