Thursday, May 28, 2015

NAR: Pending Home Sales Index increased 3.4% in April, up 14% year-over-year

by Bill McBride on 5/28/2015 10:02:00 AM

From the NAR: Pending Home Sales Climb in April to Highest Level since May 2006

Pending home sales rose in April for the fourth straight month and reached their highest level in nine years, according to the National Association of Realtors®. Led by the Northeast and Midwest, all four major regions saw increases in April.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 3.4 percent to 112.4 in April from a slight upward revision of 108.7 in March and is now 14.0 percent above April 2014 (98.6) — the largest annual increase since September 2012 (15.1 percent). The index has now increased year-over-year for eight consecutive months and is at its highest level since May 2006 (112.5).
This was abpve expectations of a 0.8% increase.

Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in May and June.