Mr. Frank goes back to Washington

Mr. Frank goes back to Washington

Former Congressman to testify before Congress on Dodd-Frank impact

Happy 4th birthday Dodd-Frank! Everyone hates you

How effective has Dodd-Frank really been?

Monday Morning Cup of Coffee: Former CFPB head eyes White House?

The bubble’s last days; New HUD rule the “Common Core” of housing
W S

NAR: Pending home sales up 10.3% from last year

Pending home sales continued to inch higher in April with the National Association of Realtors Pending Home Sales Index rising slightly to an index score of 106, a 0.3% increase from the March 105.7 score.

In April 2012, the index was hovering at 96.1, 10.3% lower than current figures.

Home contract activity reached its highest level since the index score hit 110.9 in April 2010. For the past 24 months, pending sales have been above year-ago levels.

Lawrence Yun, NAR chief economist, noted the development of a familiar pattern. "The housing market continues to squeak out gains from already very positive conditions. Pending contracts so far this year easily correspond to higher closed home sales in 2013," Yun said.  

This year, total existing-home sales are predicted to rise just over 7% to about 5 million. 

Yun added, "Because of inventory shortages, higher home sales will push up home values to the highest level in five years."

The national median existing-home price should rise to nearly 8% and exceed $190,000 in 2013. 

Strong gains in the Northeast and Midwest were largely offset by declines in the West and South. Pending sales in the Northeast increased 11.5% to an index score of 92.3 in April, 17.7% above year-ago levels. Midwest pending sales rose 3.2% to 107.1 in April, up 15.1% from a year earlier.

Conversely, in the South, pending home sales fell 1.1% to an index score of 119.2, but remain 12.3% higher year-over-year.

Finally, with strong inventory constraints, pending sales in the West dropped 7.6% in April to an index score of 94.6, which is 2.6% higher than year ago levels.

mhopkins@housingwire.com

Recent Articles by Megan Hopkins

Comments powered by Disqus