Market Pulse;Existing-Home Sales for April
Existing-Home Sales for April
4.68 million
This is a seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.
Pending Home Sales Index for April
90.3
This Index measures housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year.
Source: NAR Research
Signs of a Sales Upturn
The pace of existing-home sales showed an encouraging gain of 2.9 percent in April to 4.68 million units, suggesting renewed interest among buyers as interest rates remain low and affordability high. In an even more encouraging sign, NAR’s forward-looking Pending Home Sales Index is up for the third month in a row—and the increase is significant. The index rose 6.7 percent to a level of 90.3.
*Numbers are adjusted from figures published in the June 2009 issue.
Confidence Holds Steady
Practitioners’ expectations for sales activity is largely holding steady, according to NAR’s most recent survey of REALTOR® confidence. Practitioners are a bit gloomier about buyer traffic than seller traffic, but overall changes from the prior month are slight.
Results are based on 2,625 responses to 6,000 surveys sent to large and small real estate offices. The survey asks practitioners to indicate whether conditions are strong (100 points), moderate (50), or weak (0). Responses are averaged to derive results.
Lawrence Yun is chief economist of the NATIONAL ASSOCIATION OF REALTORS®.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
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