Pending home sales up 6.7% - largest gain in 7 years

Not unexpected news for follows of HighRiseSF

The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in nearly eight years, a sign that sales are finally coming to life after a long and painful slump.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts' forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.

Unfortunately, I predict a drop next month as rates have jumped almost a full percentage point in the past few weeks. That will put the brakes on new sales (I'm already seeing a pulling-back from my buyers). Stay tuned to see what happens.
SOURCE: REUTERS