May Pending Home Sales Reach Highest Level in Over Six Years
Jun 28, 2013
| Print this page
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.
Back to Breaking News