The National Association of Realtors, or NAR, released some great statistics about the national real estate market. I agree with their assessment completely, and we are definitely experiencing a higher number of pending sale in the Las Vegas valley. Here's an excerpt of the article:

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,¹ 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 downpayment," 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."

For the full article please click here.   F

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