Pending Home Sales Up in April

Pending home sales improved in April and continues to be well above a year ago. Home contract activity is at the highest level since April 2010. Pending sales have been above year-ago levels for the past 24 months.

NAR’s chief economist sees a familiar pattern developing.  “The housing market continues to squeak out gains from already very positive conditions.  Pending contracts so far this year easily correspond to higher closed home sales in 2013,” he said.  Total existing-home sales are expected to rise just over 7 percent to about 5 million this year. And he said.

“Because of inventory shortages, higher home sales will push up home values to the highest level in five years.” The national median existing-home price should increase close to 8 percent and exceed $190,000 in 2013.

Despite the shortages, the increased home values are certainly welcomed news for many homeowners who seen equity loses the last 5 years.


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