Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.
Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
Rutland VT real estate sales statistics for March indicate the local real estate market may have bottomed out and is once again on the upswing.
Rutland VT Real Estate Residential Sales Statistics
New Listings – March 2009: 45
New Listings – March 2008: 41
Sold Listings – March 2009: 12
Sold Listings – March 2009: 9
Median Sale Price – March 2009: $172,500
Median Sale Price – March 2008: $140,000
Average Days on Market – March 2009: 119
Average Days on Market – March 2008: 91
Learn more about Rutland VT real estate by visiting ISellVermontRealEstate.com.