National pending home sales, for existing/resale properties, climbed 1.4 percent in March compared to February, and is 1.4 percent above March 2015, according to NAR.
Their report notes that the West region actually saw a decline in contract activity last month, where the median home price has risen, slowing the pace of sales. However, the Boise Region is quite affordable compared to many others in the West, and we did not see a decline month-over-month or year-over-year.
In March 2016, pending sales for existing homes in Ada County were up 18.1% (SAAR) over February 2016, and up 10.1% (SAAR) over March 2015. In Canyon County, pending sales for existing homes in March were up 5.4% (SAAR) over February 2016, and up 7.2% (SAAR) over March 2015.
NOTE: The figures in the NAR report include a seasonally adjusted annual rate (SAAR), not actual counts or averages, and highlight month-to-month figures. Also, these figures do not include newly construction properties. At BRR, we typically report actual counts or averages, and year-over-year trends. Seasonally adjusted figures and month-to-month comparisons are helpful in gauging the pace of the market as it moves through the usual, annual cycle. In order to draw comparisons to NAR’s report, local numbers have been seasonally adjusted and will therefore differ from those that were reported in our most recent local market report. However, the overall trends remain the same.
