Pending Home Sales provided some hope for the serial extrapolators this morning as month over month saw a 3.4% gain (against expectations of a 1% pop) for the first sequential rise in 7 months. The surge was led by the South and West regions - which were largely unaffected by the weather but NAR appears happy to state that tthis rebound is all thanks to the harsh weather ending...? This is the 6th month in a row of negative year over year comps for pending home sales.
NAR clears up the confusion...
“After a dismal winter, more buyers got an opportunity to look at homes last month and are beginning to make contract offers,” he said. “Sales activity is expected to steadily pick up as more inventory reaches the market, and from ongoing job creation in the economy.”
So far so good - harsh weather, fine. We can believe that. And the rebound too. Surely, the rebound would take place in the region that was most crushed by the "harsh weather", i.e., the Northeast right. Apparently not. These are the regions that posted the biggest gains in March.
Ah yes - who can forget those harsh, harsh snowfalls in the South and the West, which according to the NAr kept so many prospective buyers locked indoors. Next think you know, the NAR will pull a Bank of America, actually just as it did two years ago, and report all its numbers were fabricated too.
Until then, we eagerly look forward to more harsh snowfall in California and Texas, a risk even the NAR admits is all too real:
Although home sales are expected to trend up over the course of the year and into 2015, this year began on a weak note and total sales are unlikely to match the 2013 level.
Well, there is always hope snowfalls will avoid Los Angeles and San Francisco.