Pending home sales soar, hit 10-year high
WASHINGTON - Americans signed more contracts to buy homes in April for the third straight month, driving pending home sales to the highest level in more than a decade.
The National Association of Realtors says its seasonally adjusted pending home sales index surged 5.1 percent last month to 116.3, the highest since February 2006's 117.4. The strong sales come in the middle of the spring home-buying season. Sales are up 4.6 percent from a year ago.
Sales surged 11.4 percent last month in the West and 6.8 percent in the South. The Midwest, down 0.6 percent, was the only region to register a drop.
Lawrence Yun, NAR chief economist, credited long-term mortgage rates that remain below 4 percent and steady job growth, which gives consumers the incomes and confidence to buy homes.