By: Dennis Norman
Lawrence Yun, Chief Economist, NAR
Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for April which showed a significant increase of 6.7% on the index, over March. April makes the third month in a row the index has increased.
Lawrence Yun, NAR chief economist, said “buyers are responding to very favorable market conditions. Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market. ”
Pending sales in the US overall were up 6.7% from March and up 3.2% from April of last year. Three of the four regions showed an increase; the Northeast shot up 32.6% from March and is slightly ahead of the same time last year, the Midwest was up 9.8% for the month and up 11.1% from last year, the West rose 1.8% over March but is down 2.9% from a year ago and the South had a minor decrease for the month of 0.2% but is still showing a 3.5% increase over last year.
Homes continue to be more affordable than ever according to the National Association of REALTORS(R) housing affordability index for April. The household income necessary to buy a median priced home in the U.S. has dropped almost 25% in the past year, down to $34,848.00.
To see an interview with Lawrence Yun by REALTOR(R) Magazine click on the video below.
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