Pending home sales were up in May 2013, reaching their highest point since late 2006, according to the National Association of Realtors.
The association's Pending Home Sales Index increased 6.7% to reach 112.3 in May 2013, from a downwardly revised 105.2 in April 2013. May 2013 is 12.1% above May 2012's 100.2.
The association said contract activity is at the strongest pace since December 2006's 112.8. Pending sales have now been above year-ago levels for 25 months.
Lawrence Yun, NAR chief economist, upgraded the price forecast for 2013, with the national median existing-home price now expected to be up more than 10%, to nearly $195,000. This would be the biggest increase since 2005, when it was when the median increased 12.4%.
Existing-home sales are projected to increase 8.5 to 9.0%, to about 5.07 million in 2013, to the highest level in seven years. This would put it above 5.03 million total for 2007.
to Daily News