The stats are in, and April’s “Pending” home sales jumped 14% from this time last year! Defined as homes that are currently under contract and awaiting settlement, pending home sales have risen to their highest level in nine years. Pending home sales increased the most here in the Northeast, up 10.1% since March.
This large number of home buyers were helped by relatively stagnant and low mortgage rates throughout the month of April, despite rising in May. Home values have also risen considerably, with the nation’s median sale price spiking nearly 9% in this past year to $219,400. The median price in the Greater Philadelphia area is just slightly higher.
The next Pending Home Sales report for May is scheduled to be released on June 29th by the National Association of Realtors.