New reports out over the past week show that the real estate market and the economy in general continue to improve. For example, the National Association of Realtors (NAR) reported that existing-home sales increased again in April and are at the highest pace since November 2009 when the market spiked due to the availability of the home buyer tax credit. In addition, pending home sales have been above year-ago levels for 23 consecutive months, according to NAR.
The news on pricing is positive, too. The S&P/Case Shiller composite index of 20 metropolitan areas showed that home prices rose 10.9 percent year over year, beating economists’ expectations for a 10.2 percent increase. This marked the biggest increase since April 2006, just before prices peaked in the summer of that year.
Improvements in the real estate industry are causing people to feel more positive about the economy and their own situations. In fact, the Conference Board, a New York-based private research group, said that its consumer confidence index rose in May to the highest level since February 2008.
