Pending-Sale Index Rises for 12th Month in a Row - | ArmandoMontelongo.com

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Pending Home Sales Increase 14.4 Percent in April

Pending home sales in April were 14.4 percent higher than a year ago, the 12th consecutive month of year-over-year growth, according to a new report.

The National Association of Realtors’ Pending Home Sale Index was at 95.5 in April, down from a revised 101.1 in March but up from 83.5 in April 2011.

“Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007,” said Lawrence Yun, the association’s chief economist.

Thanks to the pending-sale report and other data, the association’s forecast of home sales for 2012 has been increased to 4.66 million, with 4.92 million more in 2013. Sales totaled 4.26 million last year.

At right is a regional breakdown of the pending-sale index, which is calculated from contracts signed for houses, typically a two-month look forward at transactions, with the change for the month and the year.

What do you think? Is this a sign of improvement in the market? Are you seeing similar signs in your area? Let us know: