Home Sales Rise Again In March
May 11, 2010
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 5.3% in March, after a revised 8.3% increase in February. On a year-over-year basis, pending home sales are up 21.1%.
Factory orders rose 1.3% in March, much better than the 0.1% decline economists had anticipated. It was the seventh straight gain and follows an upwardly revised 1.3% increase in February.
The Institute for Supply Management reported that the monthly index of manufacturing activity was 60.4 in April, after reaching 59.6 in March. It was the ninth straight month of expansion and the best reading since June 2004. A reading above 50 signals expansion.
Total construction spending rose 0.2% to $847.3 billion in March, following a revised 2.1% drop in February. The increase was largely due to a 2.3% surge in public construction spending.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 5.3% in March, after a revised 8.3% increase in February. On a year-over-year basis, pending home sales are up 21.1%.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending April 30 rose 4%. Purchase volume increased 13%. Refinancing applications fell 2.1%.
The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity was 55.4 in April, unchanged from 55.4 in March. A reading above 50 signals expansion. Economists had anticipated a reading of 56.
Employers added 290,000 jobs in April, following a revised 230,000 advance in March. The April increase was the most since March 2006. The improving economy is encouraging more people to seek employment. This pushed the unemployment rate from 9.7% in March to 9.9% in April.
Upcoming on the economic calendar are reports on wholesale trade on May 11, international trade on May 12 and retail sales on May 14.
5 Comments to Home Sales Rise Again In March
Comments
It is wonderful news that the real estate market is finally staring to turn around. Even though we here in TX did not suffer as much from the market downturn as other states, it will be good for our market for the rest of the country to be on a re-bound as well!
Thanks for the info, It is a good news that real estate market is starting to turn around.
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As a business broker in Toronto, Canada I can say that the overall market in Canada unfortunately followed a similar trend, although residential certainly did not fare as severely up here as in most U.S. states. The good news that I can anecdotally report is that the overall “mood” is better for the vast majority of business owners I talk to. Revenues and confidence both seem to be on the mend and I think that is starting to be reflected in the metrics we’re seeing.
There has been a rise in prices of properties here in Australia too, most of the countries are affected by the recession. But I’m positive that it’s going to get better, slowly though.
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