The National Association of Realtors released the May results of its Pending Home Sales Index today, with the index hitting its highest level since April of 2006. This article from Forbes highlights the results.
The number of contracts signed to buy previously-owned homes rose again in May to reach its highest level in more than nine years, the National Association of Realtors said Monday.
NAR’s Pending Home Sales Index, which tracks contract signings (as opposed to closed sales), rose 0.9% in May to a level of 112.6. (An index of 100 represents an average level of contract activity.) That level was 10.4% higher than in May 2014, when the index stood at 101.9, and marks the ninth consecutive month of year-over-year gains.
“The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring,” said Lawrence Yun, NAR’s chief economist. “It’s very encouraging to now see a broad-based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive.” He also indicated that 2015 may be the best year for home sales since the recession.
