NJAR®- Pending Home Sales Up in May, Cont. Strong Gains
Pending Home Sales Up in May, Cont. Strong Gains

Pending home sales bounced back in May, matching the highest level in the past two years, and are well above year-ago levels, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).  Both monthly and annual gains were seen in every region.

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 5.9 percent in May from April and is 13.3 percent above May 2011.  The data reflect contracts but not closings.

The PHSI in the Northeast increased 4.8 percent in May and is 19.8 percent above May 2011.

For more information, please view the NAR press release.