• 681

Pending sales hit more than six-year high in May

Jun 28 2013 11:31AM

High home sales levels could be on the way in the Los Angeles real estate market, with the number of properties put under contract on the rise across the country. 

The Pending Home Sales Index, which predicts future closed sales, increased 6.7 percent to 112.3 in May, up from 105.2 in April and a 12.1 percent year-over-year improvement, according to the National Association of Realtors. 

"Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher," said NAR chief economist Lawrence Yun. "This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand."

With rates moving higher in the final week of June, there could be a run on homes in the near future, as buyers attempt to lock in the most affordable financing. 

After the Federal Reserve announced it might taper its bond purchases later in the year, both 15- and 30-year fixed-rate mortgages saw averages surge in the week ending June 27, according to Freddie Mac. 

As a result, Palm Springs is likely to see elevated housing activity in the near future. 

Find a HOME
or
OPEN HOUSES

Today's Real Estate News

Pending sales hit more than six-year high in May
Published: Jun 28 2013 11:31AM
Mortgage rates surge in final week of June
Published: Jun 27 2013 2:29PM
Purchase requests rise despite rate increases
Published: Jun 26 2013 3:01PM
Home prices rise by most in seven years during April
Published: Jun 25 2013 2:15PM
Jodie Foster lists Hollywood Hills home
Published: Jun 24 2013 3:59PM


TheMLS.com Area Resource Guide


Bel Air / Holmby Hills
Beverly Center / Miracle Mile
Beverly Hills
Beverly Hills Post Office
Beverlywood
Brentwood
Cheviot Hills / Rancho Park
Culver City
Downtown Los Angeles
Eagle Rock
Glassell Park
Hancock Park - Wilshire
Hollywood
Hollywood Hills East
Los Angeles Southwest
Los Feliz
Malibu
Malibu Beach
Marina del Rey
Metropolitan
Metropolitan South
Metropolitan Southwest
Mid Los Angeles
Mid Wilshire
Montecito Heights
Mount Washington
Pacific Palisades
Palms Mar Vista
Park Hills Heights
Playa del Rey
Playa Vista
Santa Monica
Silver Lake / Echo Parks
Sunset Strip
Topanga
Venice
West Hollywood
West Los Angeles
Westchester
Westwood / Century City



© 1995-2011 The MLS™     Terms Of Use | Real Estate Area Guide | Search Homes & Open Houses | CLAW Maps Beta | Forms | Rules & Regulations | Resources | Contact Us | Site Map