Americans are buying More Homes!

Lately, Americans have signed more contracts to buy homes in April for the third consecutive month, driving home sales to its highest level in more than a decade. The National Association of Realtors has claimed that its seasonally adjusted pending home sales index surged 5.1 percent last month to 116.3, which is the highest since 117.4 in February of 2006.

The April numbers are the latest examples of great news for the housing industry, which is currently in the late spring, early summer buying season. The pending home sales are up 4.6 percent from this time last year.

The sales have increased 11.4 percent last month in the west, 6.8 percent in the south, 1.2 percent in the northeast, and have actually dropped 0.6 percent in the Midwest.

They have credited the long-term mortgage rate that remains below 4 percent as steady job growth; which gives consumers the confidence to buy homes.

After a contract is signed, the pending home sale is complete usually a month or two after. This is a significant barometer for future purchases.

The department of Commerce has stated that the new home sales have increased 16.6 percent last month to a seasonally adjusted rate of 619,000, which is the most since January of 2008. The sale of existing homes is responsible for 910 percent of the housing market, rose in April for the second straight month to an annual pace of 5.45 million. 

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