Morning Minute: Pending home sales rise to 10-year high, NAR reports

U.S. pending home sales rose again in April, marking three consecutive months of gains and the highest reading in more than 10 years, according to the National Association of REALTORS® (NAR) Pending Home Sales Index. April contract signings increased 5.1 percent compared to March and were 4.6 percent higher than a year ago.

“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. 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,” said NAR Chief Economist Lawrence Yun in a news release. Read more.

In other headlines:

Renting a Chicago apartment becoming less affordable, study says – Chicago Tribune

TransUnion: Consumers show surprising behavior before obtaining mortgages – HousingWire

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