Morning Minute: Pending home sales rose in May to highest levels in two years

Pending home sales rose 5.9 percent in May compared to April, marking the highest levels since 2010 when the housing market was boosted by the homebuyer tax credit, according to the Pending Home Sales Index released today by the National Association of REALTORS® (NAR). Said Lawrence Yun, NAR’s chief economist:

“The housing market is clearly superior this year compared with the past four years.  The latest increase in home contract signings marks 13 consecutive months of year-over-year gains,” he said.  “Actual closings for existing-home sales have been notably higher since the beginning of the year and we’re on track to see a 9 to 10 percent improvement in total sales for 2012.”

May’s strong numbers show a broader strength to the market and not just one that benefited from an earlier start to spring, the Wall Street Journal reports.

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About Stephanie Sievers

Stephanie Sievers is Associate Editor for the Illinois Association of REALTORS®. She serves as Associate Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.