Previously Owned Home Sales Spike in May

HousingWire reports the National Association of Realtors (NAR) says pending home sales rose above year-ago levels for the first time since April 2010, increasing 8.2 percent in May.  April 2011 pending sales had decreased 11.6 percent over March, and were down 26.5 percent over April 2010.  The NAR’s pending home sales index is based on signed contracts for previously owned homes.  It increased six and one-half points from the previous month to 88.8, 13.4 percent higher than one year ago.  Lawrence Yun, NAR Chief Economist, commented, “Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace.”

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