Monday, May 30, 2016
Current Weather
Loading Current Weather....
Published: Thursday, 6/30/2011

Home contract signings jump sharply in May


WASHINGTON — The number of people who signed contracts to buy homes rose sharply in May, pushed higher by an influx of spring buying.

The National Association of Realtors said Wednesday that its index of sales agreements for previously occupied homes rose 8.2 percent last month to a reading of 88.8.

That followed April’s seven-month low of 82.1. A reading of 100 is considered healthy by economists.

Signings are now 17 percent above June’s reading of 75.9, the lowest figure since the housing market went bust nearly four years ago. Contract signings are typically a reliable indicator of where the housing market is headed. That’s because there is usually a one to two-month lag between a sales contract and a completed deal.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories