Pending Home Sales at a 6-Year High

Pending home sales are at the highest that they have been in 6 years, rising 1% over the expected month-over-month percentage for May with a high 6.7%, according to Business Insider.  Year-to-year percentages are also impressively over what was expected, coming in at 12.5% instead of 8.3%.

The Midwest has even more promising figures, with a monthly rise of 10.2% and a yearly rise of 22.2%.  These figures look at all homes where a signed contract is in place, but not closed (sale completed.)

We have seen that the rate of home price growth has slowed, but that isn't to say it has stopped, we are continuing to see a gradual climb in prices.  This is good news for home sellers who have been too far underwater to sell their homes, and a call to action for home buyers on the fence. 

While choices in the market are rather limited right now, Lawrence Yun of NAR stated that he believes buyers want to take advantage of affordability conditions before the currently low mortgage interest rates begin to rise as expected.

If you're considering whether or not to take advantage of the current market, send me an e-mail or give me a call and we can evaluate your situation.