For lots of would-be purchasers, particularly at the entry level, Yun worried that timing stayed complicated.
“For newbie homebuyers, buying a home is not a snap decision,” he said.
“It takes time to develop credit, save for a down payment, and fulfill existing rental lease arrangements. Still, there is sizable pent-up need that could be launched into the marketplace. Although job gains have been slow in recent months, there are still 6 million more tasks in the nation than in the pre-COVID period.”
Regional split underscored a two-speed market
NAR’s local information showed February contract signings down 3.6% month over month in the Northeast and 12.1% year over year. The Midwest posted a 4.6% regular monthly gain and was approximately flat on the year.
The South logged a 2.7% monthly and 1.2% yearly increase. The West saw gains of 0.9% and 3.2% respectively, with metros such as San Diego, Jacksonville and San Jose among the strongest year-over-year performers.