April’s pending-sales record could be short-lived
Pending sales of existing U.S. homes rose to a record high in April, increasing 9.2% from the same month a year ago, indicating that home sales closing in May and June could be in line to hit new highs, data released Wednesday by the National Assn. of Realtors showed.
The Pending Home Sales Index, based on data collected in April, was up 3.6% from March.
The relatively new index, launched by the trade group earlier this year, is based on pending sales of existing homes consisting of single-family units, condominiums and co-ops.
A home sale is considered pending when the contract has been signed but the transaction has not closed.
The majority of pending sales will typically close escrow within one or two months of contract signing.
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