The Pending Home Sales Index rose sharply in May up 8.2% from April and is 13.4% higher than in May 2010, pointing to higher housing activity in the second half of the year, according to the National Association of Realtors®.
This is the first time since April 2010 that contract activity was above year-ago levels, and the monthly gain was the strongest increase since last November when the index rose 10.6%.
Lawrence Yun, NAR chief economist said “Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace. Som
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