The NAR’s Pending Home Sales Index saw pending sales climb 0.3 percent in April from March 2013, leaving contracts 10.3 percent above April 2012 and at the highest level since April 2010, when activity was boosted by the deadline for the home buyer tax credit. Gains in the Northeast and Midwest were offset largely by declines in the West and South.
Lawrence Yun, NAR chief economist, said a familiar pattern has developed. “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,” he said.
Total existing-home sales are expected to rise just over 7 percent to about 5 million this year. The NAR The national median existing-home price should also increase close to 8 percent and exceed $190,000 in 2013.
“Because of inventory shortages, higher home sales will push up home values to the highest level in five years,” Yun said.