Pending home sales hit their highest level since April 2010, just before the homebuyer tax credit expired, according to the National Association of Realtors (NAR).
Pending home sales, a forward-looking indicator based on contracts signed to purchase homes, rose only marginally in April, increasing 0.3 percent from March, but were up 10.3 percent on an annual basis, NAR reported today.
“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,” said Lawrence Yun, chief economist at NAR. “Total existing-home sales are expected to rise just over 7 percent to about 5 million this year.
“Because of inventory shortages, higher home sales will push up home values to the highest level in five years,” Yun said. The national median existing-home price should increase close to 8 percent and exceed $190,000 in 2013. Source: National Association of Realtors
