AgentMarkets & Economy

Pending home sales hit 9-year high

NAR’s data for June show strong sales, list prices and buyer interest

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Home sales are off to their best year since before the financial collapse, according to the National Association of Realtors. According to the association’s Pending Home Sales Index (PHSI), a predictor of housing market activity based on contract signings, contract activity rose again in May for the fifth straight month and is at its highest level since April 2006. Contract activity in the Northwest and West is particularly healthy, but is offset by small decreases in the Midwest and South, NAR said: The PHSI in the Northeast increased 6.3 percent to 93.9 in May, and is now 10.6 percent above a year ago. In the Midwest, the index declined 0.6 percent to 111.4 in May, but is still 7.8 percent above May 2014. Pending home sales in the South decreased 0.8 percent to an index of 127.8 in May, but are still 10.6 percent above last May. The index in the West rose 2.2 percent in May to 104.5, and is 13 percent above a year ago. Lawrence Yun, NAR's chief economist, sai...