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Topic: BMO Capital Markets

Pending home sales rise 6.7 percent in April

 

Biggest monthly jump in more than seven years may signal slump is ending

realtor_logo21WASHINGTON – The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in more than seven years, a sign that sales are finally coming to life after a long and painful slump.

The National Association of Realtors said Tuesday its seasonally adjusted index of sales contracts signed in April surged 6.7 percent to 90.3, far exceeding analysts’ forecasts. It was the biggest monthly jump since October 2001, when pending sales rose 9.2 percent.

“This is yet another positive indication that the bottoming process is forming,” Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. “Now if only prices would stabilize.”

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