Pending home sales up 3.4% in April, highest in 9 years
2015-05-29 hit count:99U.S. home buyers signed more contracts to buy existing properties in April. A monthly index of so-called "pending" home sales from the National Association of Realtors rose 3.4 percent from March to the highest level in nine years. Pending sales are now up 14 percent from a year ago.
Regionally, April pending home sales in the Northeast finally bounced back, up 10.1 percent from March. In the Midwest, sales increased 5 percent, in the South increased 2.3 percent and in the West moved just 0.1 percent higher.
While interest rates moved sharply higher at the beginning of May, they didn't move much at all in April, when these buyers were out shopping. The average contract interest rate on the popular 30-year fixed mortgage hovered right around 3.65 percent, relatively low. Rates are now sitting closer to 4 percent.

"Homeowners looking to sell this spring appear to be in the drivers seat, as there are more buyers competing for a limited number of homes available for sale," added Yun. "As a result, home prices are up and accelerating in many markets."
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