Pending Home Sales Climb 10.9%
Pending Home Sales climbed 10.9% from this time last year according to the National Association of Realtors (NAR). Pending Home Sales are homes that have active sales contracts but have not yet closed.
On a month-over-month basis, sales pulled back -0.4 percent. This is actually positive news as the market was expected a drop of over 1.00% due to higher mortgage rates during this term. The fact that the housing market is able to absorb the slight uptick in mortgage rates is good news.
Based on year-to-date sales activity, and stable contract signings expected for the balance of the year, NAR projects existing-home sales to rise more than 8 percent in 2013. Inventory shortages will lead the median price to rise by nearly 11 percent this year.
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