Pending home sales rose for the third consecutive month in April and reached their highest level in more than a decade, according to the National Association of Realtors.
All major regions saw gains in contract activity last month except for the Midwest, which saw a small decline.
NAR chief economist Lawrence Yun says vast gains in the South and West propelled pending sales in April to their highest level since February 2006.
"The ability to sign a contract on a home is slightly exceeding expectations this spring even with the affordability stresses and inventory squeezes affecting buyers in a number of markets," Yun said in a statement. "The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market."
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