Lots of good news this morning.
The National Association of Realtors writes:
Pending home sales unexpectedly increased in April to the highest reading since October…
One notable detail is the degree of increase in just the last 30 days:
The National Association of Realtors’ seasonally adjusted index of pending sales for existing homes rose to 88.2 from a March reading of 83.0, the lowest since the index was started in 2001
Another notable detail is that the West performed even better than this average, and is selling faster than a year ago:
The April index in the West climbed 8.3 percent from March and is 4 percent higher than a year ago.
Finally, it was nice to see the NAR specifically call out the selling activity in Las Vegas:
NAR Chief Economist Lawrence Yun noted that pending sales contracts have ticked up in areas with the largest price declines such as Detroit and Las Vegas.