Plunging mortgage rates in March brought buyers out of the woodwork, as pending sales in the MRIS region jumped upwards 31.3 percent over one year ago. This is the fourth consecutive month of year-over-year pending sales increase.
Prices remain affordable, as the median sales price in February was $251,925, down 16.0 percent from a year ago. Foreclosures and short sales are likely comprising a growing portion of home sales, which will drag the overall median down.
Housing affordability has reached near-record highs. The March Housing Affordability Index of 156 is up 46.9 percent from two years ago, and means that the median consumer income in the region is 156% of what’s necessary to qualify for the median priced home.
Market Indicators Report – March 2009
