For the first time since April 2010, pending home sales are above year-ago levels. According to The National Association of Realtors’ Pending Home Sales Index, contract signings rose 8.2 percent in May from April and were 13.4 percent above May 2010. The Pending Home Sales Index is a forward-looking indicator which reflects contracts but not closings. Lawrence Yun, NAR’s chief economist, said the improvement bodes well for home prices, as the faster inventory is absorbed, the quicker prices will stabilize. Pending sales have risen in seven of the past 11 months. More here and here.

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