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®.
...Also,
pending sales have been above year-ago levels for the past 25 months.
Lawrence Yun,
NAR chief economist, said there may be a fence-jumping effect. “Even
with limited choices, it appears some of the rise in contract signings
could be from buyers wanting to take advantage of current affordability
conditions before mortgage interest rates move higher,” he said. “This
implies a continuation of double-digit price increases from a year
earlier, with a strong push from pent-up demand.”
Source: NAR