NAR: Pending Home Sales 14.4% Above April 2011

The latest Pending Home Sales Index of the National Association of Realtors -- with data through April 2012 -- was released May 30. The Index tracks the number of properties under contract nationwide and by region.  A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Nationwide

• Annually: contracts have increased 14.4% over April 2011
• Monthly: contracts declined 5.5% from March to April after reaching the highest level in two years

Region

• Northeast - contracts rose 19.9% higher than April 2011
• Midwest - showed in increase of 23% over last year
• South - 13.3% above last year
• West - 5.1% higher than a year ago

The Pending Home Sales Index has reported a steady increase in contracts activity in early 2012.

• February 2012 - contracts jumped 9.2% over February 2011
• January 2012 - rose 8% over January 2011

The increase in contracts activity as the summer housing market gets underway indicates buyers are becoming more motivated as mortgage rates drop and sectors of the economy slowly show signs of improvement.

Contact me for more information on our local real estate market, and on buying or selling a home. I'm always available for your questions and happy to consult with you on your real estate needs.