With the Federal Reserve continuing to implement policies to keep mortgage rates low the National Association of Realtors said, ts Pending Home Sales Index, based on contracts signed last month, rose 0.3 percent to 106.0, the highest reading since April 2010.
A sale is listed as pending when the contract has been signed but the transaction has not closed.
Home prices in March rose 10.2% from a year earlier, the largest annual gain since prices began to fall in 2006
However the increase was below economists expectations and caution that a shortage of properties for sale could slow down the momentum. forecast the index would rise 1.7% from March’s reading of 105.7. About a third of home resales are cash transactions.
Over the last month home resale contracts rose modestly in the Northeast and Midwest and fell in the South and West.
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