Today we released pending sales numbers for May 2011. The number of single-family homes and condominiums put under agreement were up in May from the same time last year. This is the first year-over-year increase since Dec. 2010 for single-family homes and the first year-over-year increase since April 2010 for condos. On a month-to-month basis, pending sales of both single-family homes and condos were up compared to April.
To keep these numbers in context, it is important to remember that last year at this time the market was being impacted by the home buyer tax credit. In order to take advantage of the credit, either a purchase and sale agreement or binding offer to purchase needed to be in place by April 30, 2010. May 2010, was the first month last year in which a home buyer, who had an offer to purchase a home accepted, was unable to take advantage of the tax credit.
Link to full May 2011 Pending Sales Release
Here are the highlights:
- Single-family pending home sales were up 2.1% compared to May 2010
- Single-family month-to-month pending home sales were up 12.5% from April 2011
- Condo pending home sales were up 1% compared to May 2010
- Condo pending month-to-month home sales were up 13.7% from April 2011