Real Estate Markets Pending Home Sales Leap to New Highs
Los Angeles, California (PRWEB) July 01, 2013 -- Statistics show that the real estate market has taken the recovery to the next level. The National Association of Realtors released the newest results of it's Pending Home Sales Index indicating that the properties in escrow nationally jumped 6.7% in May from the prior period. The PHS index is 12.1% higher on a year over year level. The National Association of Realtors Pending Home Sales Index indicates only those properties that are newly under contract, but have yet to close escrow.
"Much of the flurry of new activity can be attributed to those buyers who feel like they are missing out on the opportunities afforded by the record low interest rates", said Danelle Lavin, of the top producing real estate team Cumming & Lavin of Hilton & Hyland.
The rapidly appreciating real estate market has lead to developers reentering the space and home buyers confidence returning. The low interest rates have kept the cost of borrowing down allowing for much broader acquisition and development opportunities.
The National Association of Realtors index indicated that its pending home sales reached 112.3 in last month, the highest score since December 2006. An index rating of 100 is equal to the mean new purchase activity in the year 2001, which is considered by the N.A.R. to be a baseline year for homes sales.
For more information on the real estate market visit http://www.cumminglavin.com
Dustin Cumming, Cumming & Lavin, Hilton & Hyland, http://www.dustincumming.com, 3108195914, [email protected]
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