Pending Home Sales Reach Highest Level Since 2006

From Pending home sales soared in May, reaching their highest level in seven years, the National Association of Realtors® reports. NAR’s Pending Home Sales Index rose 6.7% to 112.3 in May, up from a downwardly revised 105.2 index score in April. From last year, the index is up 12.1%. Contract activity came in at the strongest level since December 2006, when it reached 112.8. For the past 25 months, pending sales have been above year-ago levels.Lawrence Yun, NAR chief economist, believes there may be a fence-jumping effect.  Read more: Pending home sales reach highest level since 2006 | HousingWire