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."
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."