Total existing home sales are expected to rise 8.5% to 9% year over year in 2013 to a total of nearly 5.1 million homes sold. National median home prices are forecast to rise by 10% this year.
The NAR’s chief economist noted:
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. This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand.
Pending home sales in the Northeast United States were unchanged in May, posting an index reading of 92.3, but up 14.3% from May 2012. The index rose in all four NAR regions, though the West remains just 1.1% above last year’s index, due primarily to a lack of inventory.
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