By Jann Swanson | Mortgage News Daily
Sellers’ Market Drives Pending Sales to 2006 Levels
April saw the highest number for pending sales in nearly nine years the National Association of Realtors® (NAR) said. The Pending Home Sales Index (PHSI) increased 3.4 percent compared to a slightly upwardly revised March number, 108.7. The Index was 14.0 percent above its level in the previous April representing the largest annual increase since it rose 15.1 percent year-over-year in September 2012.
NAR notes that it was the fourth straight month the PHSI, which is based on contracts signed for home purchases, had increased compared to the previous month and it has risen year-over-year for eight consecutive months. In April it was at its highest level since May 2006 when it stood at 112.5.
