According to the National Association of Realtors existing-home sales will jump 7 to 10 percent in 2012 to the highest level in five years, based on an "uneven but higher sales pattern" so far this year. Pending sales were up, from January to February, 9.2% from the same time in '11.
The Midwest saw a month-over-month gain of 6.5 percent and a 19 percent gain from a year ago.
NAR predicts existing-home sales to be 4.65 million in 2012, an increase of 9.1% from last year. That forecast assumes that the U.S. economy will grow at a 2.3% annual rate and add 2.7 million jobs this year.