by Bill McBride on 5/28/2015 10:02:00 AM
Thursday, May 28, 2015
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.This was abpve expectations of a 0.8% increase.
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).
Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in May and June.
Posted by Bill McBride on 5/28/2015 10:02:00 AM