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Pending Home Sales up by 3.4% in April

Thursday, May 28 2015
Pending home sales rose in April for the fourth straight month and reached their highest level in nine years. They increased 3.4% to 112.4 in April from a slight upward revision of 108.7 in March, well above expectations on incline by 0.8%, and is now 14.0% above April 2014 (98.6) — the largest annual increase since September 2012 (15.1%). The index has now increased year-over-year for eight consecutive months and is at its highest level since May 2006 (112.5). 
 
Lawrence Yun, NAR chief economist, says the steady gains in contract activity each month this year highlight the fact that buyer demand is strong. "Realtors are saying foot traffic remains elevated this spring despite limited — and in some cases severe — inventory shortages in many metro areas," he said. "Homeowners looking to sell this spring appear to be in the driver's seat, as there are more buyers competing for a limited number of homes available for sale."
 
Data did not have any major impact on the markets, with USD still broadly higher against its major rivals. Euro is currently being traded slightly below 1.09 handle, Sterling is around 1.53 area, while Aussie is few points above 0.7630 level. 
More in this category: « Unemployment Claims unexpectedly increased last week Private Sector Credits rose by 0.3% »

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