US Home Sales Continue Upward Trend
According to the National Association of Realtors (NAR), pending home sales
have risen for three consecutive months, reflecting the broad impact of the
home buyer tax credit and favourable housing affordability conditions.
The Pending Home Sales Index rose 6.0 percent in April, up 22.4 percent on
April 2009. This follows rises 7.1 percent in March and 8.3 percent in
February.
The continuing strength of the market reflects growing consumer confidence,
low mortgage rates and the benefits of tax credit extension.
The US was the first major market to be hit by the real estate crisis and it
looks like it will be the first one out of it.
Pending home sales are at the highest level since October 2009.
The data records contracts for purchases of existing property stock and
excludes closings, which usually lag by one or two months.
Posted: 3 June 2010
Source: Global Edge
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