As the federal housing tax credit ran out, home buyers raced to buy a home to meet the looming deadline. This pushed pending sales of existing homes in March up 5.3 percent over February according to the National Association of Realtors. The organization is also reporting that pending sales were up 21.1 percent from just one year ago. However sales are expected to stabilize throughout the year and not maintain this pace.
Now that the incentive and the sense of urgency to buy quickly and buy now is gone, experts are predicting that home sales will fall over the next few months. However, there is good news on the horizon as home sales are expected to become self-sustaining in the second half of 2010 and into 2011.