Pending Home Sales Climb In April To Highest Level Since May 2006

Dated: 06/03/2015

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According to a May 28th article, the National Association of Realtors reports that pending home sales rose in April for the fourth straight month and reached their highest level in nine years. The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 3.4 percent to 112.4 in April from a slight upward revision of 108.7 in March and is now 14.0 percent above April 2014 (98.6) This is the largest annual increase since September 2012 (15.1 percent).


Lawrence Yun, NAR chief economist, says the steady gains in contract activity each month this year highlight the fact that buyer demand is strong. "Realtors® are saying foot traffic remains elevated this spring despite limited — and in some cases severe — inventory shortages in many metro areas," he said. "Homeowners looking to sell this spring appear to be in the driver's seat, as there are more buyers competing for a limited number of homes available for sale."


Adds Yun, "As a result, home prices are up and accelerating in many markets."


According to Realtor.org, the Pending Home Sales index has now increased year-over-year for eight consecutive months and is at its highest level since May 2006 (112.5). More information about this year's Existing-home Sales for May will be reported June 23, and the next Pending Home Sales Index will be June 29. 


Locally, these numbers hold true, and reflect national trends of sellers having the advantage in the local market with more buyers competing for limited numbers of homes for sale. It's imperative for sellers to have proper counsel on the right price for their home by a real estate professional to ensure value is property estimated, and optimal exposure to the listing is realized. The Shields Team of Keller Williams Realty offers seller consultation that will assist anyone anticipating placing their home on the market professional advice on pricing, and what it will take to get your home sold. Call us today at 423-896-1232 to learn more.


Article: Pending Home Sales Climb In April To Highest Level Since May 2006. http://www.realtor.org/news-releases/2015/05/pending-home-sales-climb-in-april-to-highest-level-since-may-2006


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Rayne Price

Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....

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