Housing Market on The Road to Recovery?

Posted by Jeff on June 3, 2009 under Real Estate | Be the First to Comment

For the third month in a row, pending sales of existing homes rose. The rally in home sales were most likely due to record low mortgage rates and special incentives for first-time buyers. The pending home sales index rose 6.7% in April after a 3.2% increase in March, the National Association of Realtors (NAR) said. The index is up 3.2% above April 2008. The index is based on sales contracts on existing homes. The NAR reports on sales of existing homes once the sales close, usually six to eight weeks later.

The Northeast saw the biggest increase in April where pending sales jumped 32.6 percent from the previous month.  Active home buyers have reported more competition for well priced homes than existed only 6 months ago.