DC Metro Sees Largest Pending Home Sales Increase in a Decade
Posted by Jonathan J. Miller -Monday, March 14, 2011, 1:05 PM
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[click to open release]
These days I have added reporting on the DC and Baltimore housing markets to our suite of market research – this time for RealEstate Business Intelligence (RBI), the research, analytics arm of MRIS, the largest MLS in the country.
I grew up in that region of the country and it’s been fun to analyze it. What got me excited about the index I created is the fact that it is released about 3-4 weeks sooner than NAR’s version and is 5-6 months faster than the point where contracts are signed for the Case Shiller Index and the FHFA Home Price Index.
Here is the DC headline from March release (February results):
“There was a 33 percent year-over-year increase in the number of contracts signed in February, the largest increase in more than a decade,” says housing market expert and RBI analyst Jonathan Miller. “The number of signed contracts remains 13.7 percent below the ten year average but activity has begun to expand. Unusually restrictive mortgage lending conditions continue to keep housing prices in check.”
View the release and listen to the podcast below.
