Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors®. The Pending Home Sales Index is a forward-looking market indicator based on contract signings for the sale of existing homes. The PHSI is now 14.0 percent above April last year — the largest annual increase since September 2012 (15.1 percent). The index has now increased year-over-year for eight consecutive months and is at its highest level since May 2006.
Lawrence Yun, NAR chief economist, says the steady gains in contract activity each month this year highlight the fact that buyer demand is strong. “Realtors® are saying foot traffic remains elevated this spring despite limited — and in some cases severe — inventory shortages in many metro areas…. As a result, home prices are up and accelerating in many markets“
Listen to four minutes and forty-six seconds of Yun analysis here:
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