Real Estate Recovery Watch

1. "Pending home sales bounced back in May, matching the highest level in the past two years, and are well above year-ago levels, according to the National Association of Realtors.  Both monthly and annual gains were seen in every region.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.9 percent to 101.1 in May from 95.5 in April and is 13.3 percent above May 2011 when it was 89.2.  The data reflect contracts but not closings. The index also reached 101.1 in March, which is the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit."

Lawrence Yun, NAR chief economist, said longer term comparisons are more relevant.  “The housing market is clearly superior this year compared with the past four years.  The latest increase in home contract signings marks 13 consecutive months of year-over-year gains,” he said.  “Actual closings for existing-home sales have been notably higher since the beginning of the year and we’re on track to see a 9 to 10 percent improvement in total sales for 2012.”

2.  DQ News --"The median price paid for a home in the Phoenix area last month rose to a 41-month high, increasing on a year-over-year basis for the sixth month in a row. The region’s overall sales trended slightly higher as mid- to high-end activity jumped again, compensating for a sharp ongoing slide in sales of lower-cost homes, especially foreclosures. reported. 

In May, buyers paid a median $150,000 for all new and resale houses and condos sold in the Phoneix metro area. It was the highest median for any month since December 2008, when the median was $154,000. Last month’s median rose 5.6 percent from April and rose 25.0 percent from May 2011. The median's 25.0 percent year-over-year increase in May followed annual gains of 18.3 percent in April, 13.8 percent in March, and 7.5 percent in each of the prior three months."