The National Association of Realtors Pending Home Sales Index ticked up 0.9 percent in May from a downward revised level of 111.6 in April. The index, for which 100 denotes an average level of activity, is at its highest point since April 2006 (at which point it measured 113.7) and is currently 10.7 percent higher than at the same time last year.
The Pending Home Sales index for the West rose 2.2 percent to 104.5 in May and is currently running 13.0 percent higher on a year-over-year basis.
At the same time, despite the ongoing narrative that a lack of inventory versus a lack of demand has been the root cause of depressed sales over the past couple of years, the inventory of homes listed for sale across the country was 15.7 percent lower in May, year-over-year.
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