Monthly pending home sales rise, still below 2010 levels

Monthly pending home sales rise, still below 2010 levels "Month-to-month movements can be instructive, but in this uneven recovery it's important to look at the longer term performance," Lawrence Yun, NAR chief economist, said. "Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit." "We may not see notable gains in existing-home sales in the near term, but they’re expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who’ve been on the sidelines," Yun said.