Home Sales Highest Level since 2005


Pending home sales rebounded strongly in May, reaching the highest reading ever for the month of May since 2005, according to the National Association of Realtors®. All four U.S. regions registered both month-over-month increases and year-over-year gains for pending home sales contract transactions for the month of May.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales, rose 8.0% to 114.7 in May. Year-over-year, signings increased 13.1%. An index of 100 is equal to the level of contract activity in 2001.

Realtor.com®’s Hottest Housing Markets(link is external) data revealed that out of the largest 40 metros, the most improved metros over the past year, as of June 29, were Tampa-St. Petersburg-Clearwater, Fla.; Detroit-Warren-Dearborn, Mich.; Nashville-Davidson-Murfreesboro-Franklin, Tenn.; Riverside-San Bernardino-Ontario, Calif.; and Jacksonville, Fla.

The Connecticut market continues to be strong as well.

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