Buyer Demand Remains Strong In April
According to the National Association of Realtors' Pending Home Sales Index, April exhibited the highest number of contract signings in nearly nine years. April was also the fourth straight month of increases in pending home sales, which were up 3.4 percent month-over-month and up 14 percent above April 2014 levels, the largest annual increase since September 2012.
While inventory remains low, this latest report offers further proof of the current growth in the US housing market. In fact, all four major regions of the U.S. showed gains last month, led by the Northeast and the Midwest. The low inventory in many areas is serving to foster competition amongst buyers, resulting in elevated home prices.
While the low inventory may be good for sellers, continued increases in competition and prices will lead to a potential slow-down in home sales unless more inventory enters the market. This will be especially true if interest rates are risen in the near term.
- Cheryl Bourland's blog
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