Pending Home Sales Continue Rising

home_sale_pending___knox_news_creditThe National Association of Realtors (NAR) reports that pending home sales rose again in April, 3.4 percent over March, following March’s increase of 11 percent over March 2014. April’s rise was 14 percent year-over-year, the highest level since 2006, says realtor.

NAR’s chief economist Lawrence Yun remarks about today’s numbers: Realtors® are saying foot traffic remains elevated this spring despite limited—and in some cases severe—inventory shortages in many metro areas. Homeowners looking to sell this spring appear to be in the driver’s seat, as there are more buyers competing for a limited number of homes available for sale.

He anticipates the median existing home-price will rise 6.7 percent this year. As MHProNews understands, the low inventory may be related to incomes not growing enough to make more expensive homes affordable for people who do want to move up, but have decided to stay put in their existing home. If inventory remains low and prices increase, fewer people may want to move. Stay tuned. ##

(Photo credit: knoxnews)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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