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REALTOR®: Pending home sales up for third straight month, highest level in nearly three years

Wednesday, April 25, 2012

With an improving employment picture and still low mortgage interest rates, California's housing market continues to rebound. The California Association of Realtors reported Tuesday that pending home sales in March were higher for the third consecutive month, rising from both the previous month and year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

C.A.R.'s Pending Home Sales Index (PHSI) rose from a revised 126.5 in February to 143.7 in March, based on signed contracts. The March 2012 index was the highest since April 2009, when the PHSI was 146.9. The index also was up from the 128.9 index recorded in March 2011, marking the eleventh consecutive month that pending sales were higher than the previous year.

Data from MLSListings Inc., the multiple listing service of the Silicon Valley Association of REALTORS® reveals single-family home sales under contract in March increased in the Silicon Valley region. In Santa Clara County, there were 2,514 single-family home sales under contract in March, up from 2,328 in February, but slightly down from 2,602 in March 2011. San Mateo County had 903 single-family home sales under contract in March, up from 859 in the previous month and 792 in March 2011.

"Prices are stabilizing in the state and in our region, and a much improved employment rate has led to a more stable economy," said Suzanne Yost, president of the Silicon Valley Association of REALTORS®. "Buyers are realizing it is a good time to buy, as mortgage interest rates remain low."

Yost added, "Real estate is local. Not every market has the same qualities, so it's important that buyers select a REALTOR® who is knowledgeable about the local neighborhood where they choose to live."



The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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