May saw the highest pending home sales since April 2010, when buyers were motivated to buy homes to take advantage of the homebuyer tax credit. In fact, the latest increase in signed contracts was the 13 consecutive month in year-over-year gains.
The National Association of Realtors' Pending Home Sales Index (PHSI), is a forecast indicator based on contract signings (but not closings). It increased 5.9 percent to 101.1 in May from 95.5 in April and it is 13.3 percent above the May 2011 level of 89.2. The PHSI reached 101.1 in March, which is the highest level since April 2010.
Also according to NAR, the national median existing-home price is expected to rise 3.0 percent this year and another 5.7 percent in 2013.
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