Print
EmailApril’s pending home sales up 14.4 percent from 2011
Existing-home sales forecasts for 2012 revised upward despite monthly drop
The Pending Home Sales Index (PHSI) from the National Association of Realtors recorded a mark of 95.5 in April, a 14.4 percent increase from the same time last year. Month-to-month, the PHSI fell 5.5 percent from March, its first drop in three months.
Regionally, the Midwest registered the biggest jump in pending home sales at 23 percent year-over-year. It was followed by the Northeast (19.9 percent), South (13.3 percent) and the West (5.1 percent).
Sales of existing homes are now projected to reach 4.66 million for the year, an increase from 4.26 million in 2011. Forecasts for 2013 estimate totals as high as 5.3 million if lending procedures normalize. Existing home prices are also expected to rise this year by as much as 2-3 percent thanks to a dwindling housing inventory supply.
The PHSI measures contract signings for new home sales; it does not reflect closings.
To read the rest of the story, click here.
More like this
Comments on: "April’s pending home sales up 14.4 percent from 2011 "
RELATED ARTICLES
Sustained KBI score reflects continued optimism heading into summer.
The American Architectural Manufacturers Association (AAMA) announced the release of an interim procedural guide that will provide a documented, optional process to extend...
Search Our Buyer's Guide
Reference Library
Professional Remodeler’s annual Market Leaders list, which identifies the top...
With demand for custom design, remodeling, and renovations at its highest level since 2005, ...
Normandy Remodeling converts confined kitchen into sprawling galley.
Each year, the National Kitchen and Bath Association surveys its members to identify the latest...
Each year, the National Kitchen and Bath Association surveys its members to identify the latest...
