Recent evidence of consistently rising house prices has pointed for some time towards a housing market making a recovery. Now that figures released show that the number of pending house sales has increased for the 15th month in a row, the evidence backing up this suggestion seems to keep growing with every passing month.
The latest figures, which have been released by the National Association of Realtors, show that there was a 2.4% rise month-on-month and the figures overall are an impressive 12.4% higher than they were at the same time 12 months ago.
Te good news does not stop there, as it is not only the number of house sales pending which are increasing on a month-on-month basis. Prices are continuing to rise too, as the housing market struggles to keep up with demand due to the slowing of new builds that occurred during the global housing market crash.
Lawrence Yun, the chief economist for the National Association of Realtors, said: "Falling visible and shadow inventories point towards continuing price gains. Expected gains in housing starts of 25% to 30% this year, and nearly 50% in 2013, are insufficient to meet the growing housing demand.
The property market is now seeing less distressed sales as people come to agreements with their banks over repayments or are able to meet their obligations due to changes for the better in the economy. With mortgage rates still low, people are willing to get back into the property market.
