March home prices were again dominated by the Northwest with Portland, Oregon posting a year-over-year gain of 12.30 percent followed by Seattle, Washington’s year-over-year gain of 10.80 percent.
Home prices were 5.70 percent higher year-over-year in January according to S&P Case-Shiller’s 20-City Home Price Index. Top year-over-year gains were posted by Portland, Oregon at 11.80 percent, San Francisco, California at 10.80 percent and Seattle Washington posted a year-over-year gain of 10.70 percent.
Last week’s scheduled economic news included reports on pending home sales, construction spending and several jobs related readings including ADP Payrolls, the government’s Non-Farm Payrolls and the national unemployment rate.
The Pending Home Sales Index resumed its climb in January, posting a 2 percent gain over the month prior.
After 3 consecutive months of easing, the Pending Home Sales Index jumped 10 percent in October, lending credence to the belief that housing is in recovery.
Nationwide, fewer homes are going under contract to sell.
Buyers are writing contracts at a furious pace nationwide. On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month to reach its highest level since March.
According to data from the National Association of REALTORS, the Pending Home Sales Index smashed analyst expectations, jumping 8 percent on a monthly basis in May.
Hurt by foul weather and a soft market, the Pending Home Sales Index plunged 12 percent in April.
The National Association of REALTORSÂ® Pending Home Sales Index rose for the third straight month last month.