Pending Homes Sales Spike in the Face of Mortgage Rate Hikes
July 10th, 2013 | by Update Metro
Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2; the data reflect contracts but not closings.
Contract activity is at the strongest pace since December 2006 when it reached 112.8; pending sales have been above year-ago levels for the past 25 months.
As of July 1, Briggs Freeman Sotheby’s International Realty reported 48 contract closings for the week prior, totaling more than $45 million, plus 62 properties under contract, representing more than $38 million.
Click here to read the full report from the National Association of Realtors.
Click here to read more news about real estate and the economy in Dallas-Fort Worth.
Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout the Metroplex and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. For more information on escapes and second homes, ranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.
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