Contracts on the Rise
In May, the housing market saw an increase in signed contracts to buy homes making the spring buying season one of the best in years. The National Association of Realtors says its index of sales agreements for previously occupied homes saw an 8.2 % increase last month and a reading of 88.8. This reading was an increase from a seven month low of 82.1 and the last time the index reached that level was in April 2010. Understanding the index numbers is simply. A reading of “100” is considered healthy by economists. This means that the housing market is only 11.2% from being considered good again. This is great news and with contract singing a reliable indicator of where the housing market is headed and is wonderful news for the economy.
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