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Housing’s Hot Streak Continues as Pending Sales Crush Expectations and Home Price Gains Top 6%

Housing’s Hot Streak Continues as Pending Sales Crush Expectations and Home Price Gains Top 6%

This morning's strong pending home sales report was the third upbeat April housing indicator. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) a forward looking indicator based on home purchase contract signings, was up 5.1 percent in April to 116.3 while the March PHSI was revised up from 110.5 to 110.7. It was the third consecutive month that the Index had gained ground and it brought pending sales to their highest level in a decade. The index gained 4.6 percent from April 2015 and was the 20 th consecutive year-over-year increase . The month over month change blew analysts' expectations out of the water. Econoday's poll put the high end of expectations at 1.2 percent with a consensus of 0.8%. The strong report follows a solid existing home sales report
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