US home sales rise strongly in May
Pending US home sales rose strongly in May
from a year ago, indicating higher activity in the second half of the
year, reports the National Association of Realtors® (NAR).
The Pending Home Sales Index rose by 8.2% nationwide in May and is 13.4%
higher than a year ago. In the South, the index is 14.6% higher than 12
months ago.
The index is a forward-looking indicator based on contract signings,
which normally complete within one or two months.
This is the first time since April 2010 that contract activity was above
year-ago levels, and the monthly gain was the strongest increase since
last November.
NAR Chief Economist Lawrence Yun said the improvement bodes well for
home prices.
Posted: 19 May 2011
Source: National Association of Realtors®
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