Pending Home Sales Up in May, Continue Pattern of Strong Annual Gains

Pending home sales bounced back in May, matching the highest level in the past two years, and are well above year-ago levels, according to the National Association of REALTORS®. Both monthly and annual gains were seen in every region.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.9 percent to 101.1 in May from 95.5 in April and is 13.3 percent above May 2011 when it was 89.2. The data reflect contracts but not closings.
The index also reached 101.1 in March, which is the highest level since April 2010, when buyers were rushing to beat the deadline for the home buyer tax credit. Read more......

RESOURCE: Daily Real Estate News | Wednesday, June 27, 2012