According to the National Association of REALTORS, Pending home sales rose in January, and have been above year-ago levels for the past 21 months.
NAR Chief Economist Lawrence Yun explains: “Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It’s also why we’re experiencing the strongest price growth in more than seven years.”