Pending U.S. Home Sales Rise in April
5 Jun2009
Filed Under Housing Market · Tagged: National Association of Realtors · Print This Article
The number of U.S. home buyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in more than seven years.
April pending home sales increased to 90.3, which is a 6.7 percent jump. This is the third straight month of increases, although it’s based on contracts signed, not closings. That makes these numbers a little more volatile because mortgages are taking longer because of increased restrictions, and more of them fall through than in the past.
The National Association of Realtors says this jump exceeds expectations, and is the biggest monthly jump since October 2001.
“This is yet another positive indication that the bottoming process is forming,” said Jennifer Lee, an economist at BMO Capital Markets. “Now, if only prices would stabilize.”
A 9.8 percentage jump in pending Midwest home sales helped lead to the surge, as well as huge 33 percent increase in the Northeast. This boost in pending home sales is very likely reflective of the new tax credit for first-time buyers.
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