The National Association of Realtors just released their Pending Home Sale Index that shows contract signings from February to March increased 5.1% adjusted for seasonality.  

March Signed Contracts Jump 33.1% Over February; Median Sales Price Down 11.1% Year‐Over‐Year, Lowest Since April 2004

Rockville, MD – (April 11, 2011) – The following analysis of the Baltimore Metro Area housing market has been prepared by housing market expert Jonathan Miller, based on the March 2011 RBI Pending Home Sales Index™ released today:

OVERVIEW:

The number of signed contracts surged 33.1% month‐over‐month to 2,857, the highest March total since 2007 and the third consecutive monthly increase. Despite the rise in pending contract activity, median sales price fell for the 5th consecutive month declining to $200,000, 11.1% below the March 2010 result and the lowest since April 2004. The region is still feeling the impact of the expiration of the federal homebuyers tax credit last April that was followed by a sharp decline in sales activity through the end of 2010 helping to push values lower.