May Pending Home Sales Reach Highest Level in Over Six Years Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to the National Association of Realtors®.The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, increased 6.7 in May from a downwardly revised April, and is 12.1 percent above May 2012; the data reflect contracts but not closings. The PHSI in the Northeast was unchanged May but is 14.3 percent above a year ago. Existing-Home Sales Rise in May Existing-home sales improved in May and remain solidly above a year ago, while the median price continued to rise by double-digit rates from a year earlier, according to the NATIONAL ASSOCIATION OF REALTORS®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 4.2 percent in May from April, and is 12.9 percent above May 2012. Regionally, existing-home sales in the Northeast rose 1.6 percent in May and are 8.3 percent above May 2012. The median price in the Northeast was $269,600, up 12.3 percent from a year ago. Affordability Rates are Soaring Data released by the National Association of REALTORS® (NAR) supports the attainability of homeownership as the affordability index figures are highest than ever.
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SOTHEBY’S INT’L REALTY
555 Millburn Avenue
SHORT HILLS, NJ 07078