Houses are hot sellers, again - WALB.com, South Georgia News, Weather, Sports

Houses are hot sellers, again

By JOSH BOAK, AP Economics Writer

WASHINGTON (AP) - More Americans signed contracts to purchase homes in May, as pending sales climbed to their highest level in more than nine years.

The National Association of Realtors said Monday that its seasonally adjusted pending home sales index rose 0.9% to 112.6 last month. 

The index has increased 10.4% over the past 12 months, putting it just below the April 2006 level - which was more than a year before the housing bust triggered the Great Recession.

The steady job growth coupled with low but rising mortgage rates has created greater urgency to buy homes. The gains reflect both a stronger economy but also the pressures to purchase a home before both prices and the cost of borrowing become potentially unaffordable.

Completed sales of existing homes jumped 5.1% last month to a seasonally adjusted annual rate of 5.35 million, the Realtors said last week. Median home prices climbed 7.9% over the past 12 months to $228,700, about $1,700 shy of the July 2006 peak.

The recent gains are not evenly spread.

Pending sales increased in the higher-priced Northeast and West markets last month, while dipping in the Midwest and South.

Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Lee Co. commissioners approve contract for mega sports complex

    Lee Co. commissioners approve contract for mega sports complex

    Wednesday, December 13 2017 12:41 AM EST2017-12-13 05:41:40 GMT
    The mega sports complex in Lee County is one step closer to becoming a reality. (Source: WALB)The mega sports complex in Lee County is one step closer to becoming a reality. (Source: WALB)

    The mega sports complex in Lee County is one step closer to becoming a reality. 

    More >>

    The mega sports complex in Lee County is one step closer to becoming a reality. 

    More >>
  • Retail beer license owners can now sell growlers

    Retail beer license owners can now sell growlers

    Wednesday, December 13 2017 12:37 AM EST2017-12-13 05:37:57 GMT
    Anyone with a retail beer license can now turn their business into a growler dispensary. (Source: WALB)Anyone with a retail beer license can now turn their business into a growler dispensary. (Source: WALB)

    On Tuesday night, Lee County commissioners approved an amendment to the alcoholic beverage ordinance to allow for growler dispensaries.

    More >>

    On Tuesday night, Lee County commissioners approved an amendment to the alcoholic beverage ordinance to allow for growler dispensaries.

    More >>
  • South GA leaders agree on SPLOST projects

    South GA leaders agree on SPLOST projects

    Wednesday, December 13 2017 12:35 AM EST2017-12-13 05:35:20 GMT
    City leaders in Lee County agreed on the SPLOST projects that will be put on the May ballot. (Source: WALB)City leaders in Lee County agreed on the SPLOST projects that will be put on the May ballot. (Source: WALB)

    City officials with Smithville, Leesburg, and Lee County commissioners held their final planning meeting to develop an intergovernmental agreement between the municipalities. 

    More >>

    City officials with Smithville, Leesburg, and Lee County commissioners held their final planning meeting to develop an intergovernmental agreement between the municipalities. 

    More >>
Powered by Frankly