The National Association of Realtors has announced that pending home sales rose 6.3% nationally in April, according to the Pending Home Sales Index. Pending home sales reached it's highest level in over 8 months.
For more information on the rising home sales, view the entire document below.
http://www.realtor.org/RMODaily.nsf/pages/News2008060901?OpenDocument
I believe some of the reason for the improving numbers is seasonal. Many people want to close on their new home in the summer months...after school is out...and be moved-in by fall in order to allow their kids to start at their (potentially) new school on-time. Therefore, they do their searching in the early spring months and try to get a home under contract around April or May.
It will be interesting to see what the Pending Home Sales Index does in May. When the May data is released, I'll be the first to let you know.
For you buyers that are on the fence...waiting for the market to "hit bottom" before you buy...you may want to make sure you haven't already missed it. With sellers and their agents seeing the improving numbers, they will be less likely to negotiate that great deal that they may still be willing to negotiate.
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