April saw home sales rise to a 10-year high following three months of consecutive increases according to the National Association of REALTORS®.
The Pending Homes Sales Index was up 5.1 percent in April, a 4.6 percent increase from the previous year.
“The ability to sign a contract on a home is slightly exceeding expectations this spring even with the affordability stresses and inventory squeezes affecting buyers in a number of markets,” Lawrence Yun, NAR chief economist to Chicago Agent Magazine. “The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market.”
Read more at Chicago Agent Magazine here.