Pending home sales increase in May; largest monthly gain since last year

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for May shows an increase of 8.2 percent in the index from the month before (seasonally adjusted), and a 13.4 percent increase from a year ago. This is the first time since April 2010 that the index increased on a year-over-year basis, and had the largest monthly gain since last November when the index rose 10.6 percent.

Here are highlights from the report for May 2011:

  • The pending home sales index (seasonally adjusted) was 88.8 (the index is based upon 100.0 being equal to the average level of sales activity in 2001 which we could call the last “normal” year) which is a 8.2 percent increase from the month before and a 13.4 percent increase from a year ago.
  • The”not-seasonally adjusted” index index was 102.8, a 5 percent increase from the month before and a 15.5 percent increase from a year ago.
  • All regions saw month over month increases as well as year over year increases in pending home sales.

Yun cautioned that healthy job creation is necessary to ensure a solid recovery in both housing and the overall economy. “The job market has sputtered recently, and because variations in local job creation impact housing demand, markets will recover unevenly around the country,” he said.

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