Pending home sales in the US continued to rise in May and are now at their highest level in more than nine years, according to the National Association of Realtors (NAR). The Pending Home Sales Index, an indicator based on contract signings, climbed 0.9 percent to 112.6 in May from a slight downward revision of 111.6 in April and is now 10.4 percent higher than it was in May 2014. The index has now increased y-o-y for nine consecutive months and is at its highest level since April 2006. Pending home sales in the South decreased 0.8 percent to 127.8 in May but were still 10.6 percent higher than they were in May 2014.
“The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring,” said Lawrence Yun, NAR’s chief economist. “It’s very encouraging to now see a broad based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive.”
