Pending home sales in May increased 0.9 percent to 112.6 from April’s 111.6, and is now 10.4 percent above May 2014, according to the National Association of Realtors Pending Home Sales Index.
The Index has shown year-over-year increases for nine months. The Index in May was at its highest level since it was 113.7 in April 2006.
“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 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.”
The Index in the Northeast increased 6.3 percent to 93.9 in May, and is now 10.6 percent above a year ago. The Midwest saw a 0.6 percent decline to 111.4, but is 7.8 percent higher than May 2014. In the South, pending home sales decreased 0.8 percent for an Index of 127.8, but is 10.6 percent higher than last May. The West’s Index rose 2.2 percent to 104.5 and is 13 percent above a year ago.
