Pending home sales continued to inch higher in April with theNational Association of Realtors’ Pending Home Sales Index rising slightly to an index score of 106, a 0.3% increase fromMarch’s 105.7 score.
In April 2012, the index was hovering at 96.1, 10.3% lower than current figures.
Home contract activity reached its highest level since the index score hit 110.9 in April 2010. For the past 24 months, pending sales have been above year-ago levels.
Lawrence Yun, NAR chief economist, noted the development of a familiar pattern. “The housing market continues to squeak out gains from already very positive conditions. Pending contracts so far this year easily correspond to higher closed home sales in 2013,” Yun said.
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