Pending Home Sales Continue to Rise

Pending home sales rose up to 6.1% in May, which the National Association of REALTORS® says is a result of an overall increased inventory of homes and lower mortgage rates. Since April 2010, when folks were quickly signing contracts before the tax credit program ended, we have not seen such a increase.

“The flourishing stock market the last few years has propelled sales in the higher price brackets, while Realtor_websitesales for homes under $250,000 are 10 percent behind last year’s pace,” says Lawrence Yun, NAR’s chief economist. “Meanwhile, apartment rents are expected to rise 8 percent cumulatively over the next two years because of tight availability. Solid income growth and a slight easing in underwriting standards are needed to encourage first-time buyer participation, especially as renting becomes less affordable.”

Home sales are also likely to continue to rise into the second half of the year, according to Yun.

The breakdown by region of the latest Pending Home Sales Index reading:

  • Northeast: contracts rose 8.8 percent month-over-month in May and are 0.2 percent above year-ago levels.
  • Midwest: contracts rose 6.3 percent month-over-month in May but remain 6.6 percent below May 2013 levels.
  • South: contracts increased 4.4 percent month-over-month in May but are 2.9 percent below year-ago levels.
  • West: contracts increased 7.6 percent month-over-month in May but remain 11.1 percent below May 2013 levels.



For assistance with all of your real estate needs, contact The Wilson Realty Group in Charlotte by phone: (704) 251-9741 or by email: