The sales gauge rose to a decade-high of 116.3 on a seasonally adjusted basis, with 100 indicating “historically healthy” buying activity, according to National Association of Realtors.
Big Picture
The boost in contract signings is a good sign that robust home-buying activity will continue during the spring-selling season, following reports that existing-home purchases jumped to a three-month high in April and new-home sales surged to the strongest in eight years. While would-be buyers are deterred by limited inventories especially among lower-priced homes, a steady jobs market and cheap borrowing costs are helping to fuel demand.
LInk to entire Bloomberg article: Pending Sales of U.S. Existing Homes Rise by Most Since 2010 - Bloomberg:
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