Monday, June 3, 2013

Pending Home Sales Surge Over 10%:

The National Association of Realtors reported that signed contracts to purchase a home increased 10.3% from this time a year ago. These are called "Pending Home Sales" because there is a signed contract but the home has not closed yet. On a month-over-month basis, Pending Home Sales increased 0.3%.

Sales Prices continue to shoot up and the number of Pending Home Sales would have increased even more if it wasn't for a huge shortage in available quality inventory.

"The housing market continues to have gains from already very positive conditions. Pending contracts so far this year easily correspond to higher closed home sales in 2013," said Lawrence Yun, chief economist for the Realtors.

"Because of inventory shortages, higher home sales will push up home values to the highest level in five years," Yun said, adding that the national median existing-home price should increase close to 8 percent and exceed $190,000 in 2013.

There are also fewer distressed homes for sale. Banks have been doing more aggressive loan modifications, and some banks are reportedly holding foreclosed homes off the market, as home prices continue to rise.

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