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 .