The National Association of Realtors reported yesterday that it's "Pending Home Sales Index", which is based on contracts signed for the previous month, increased by 5.9 percent to 101.1. This increase in the index level matched the two-year high that was reached this past March.
Many are seeing this as yet another sign that the housing market could be making a coming back.
April 2010 was the last time the "Pending Home Sales Index" was at this level which was due to the fact that the home-buyers tax credit was about to expire.
Lawrence Yun, NAR chief economist said in a statement yesterday, "The housing market is clearly superior this year compared with the past four years. We're on track to see a 9 to 10 percent improvement in total sales for 2012."