Photo: Houlihan Lawrence
UPDATE:Pending home sales surged in May, up 5.9 per cent, representing a 15.3 per cent improvement from 2011 levels.
That outpaced expectations for a 1.5 per cent sequential gain.
The National Association of Realtors said the rate of contracts to purchase homes matched the highest level recorded over the past two years.
“The housing market is clearly superior this year compared with the past four years,” NAR Chief Economist Lawrence Yun says. ” The latest increase in home contract signings marks 13 consecutive months of year-over-year gains.”
All regions of the country logged improving sales, led by the West, where the index gained 14.5 per cent sequentially.
The Northeast and Midwest also posted strong jumps, up 4.8 and 6.3 per cent, respectively. Gains in the South were more modest, advancing 1.1 per cent month-on-month.
Median home prices are projected to increase 3.0 per cent in 2012, and additional 5.7 per cent next year.
Minutes away from the final data point of the day: Pending Home Sales.
Economists polled by Bloomberg expect sales to improve 1.5 per cent month-on-month, which would represent a 10 per cent jump from May 2011.
The announcement is scheduled for 10:00 a.m.