Licensed real estate professionals put more houses under contract last month, as a heightened number of pending home sales was recorded - adding to the long list of promising improvements recently observed in the national housing market.
The latest Pending Home Sales Index released by the National Association of Realtors outlined the April uptick, showing that the number of properties put under agreement increased 0.3 percent from March and 10.3 percent from the same month last year. Accordingly, public property records show contract activity is currently at located at the highest reading exhibited since April 2010.
Lawrence Yun, chief economist for NAR, said further gains in pending sales is expected to be seen before year's end, as existing-home sales also continue to rise.
In addition to growing housing sales figures, national mortgage records have been showing higher rates this month. Freddie Mac's Primary Mortgage Market Survey for the week ending May 30 detailed recent hikes in fixed-rate mortgage averages, which saw the products register at the highest levels in a year.
Average 30-year FRMs were seen at 3.81 percent, having moved up from the preceding week's reading of 3.59 percent. Meanwhile, 15-year FRMs averaged 2.98 percent, showing a significant rise from its former position at 2.77 percent. Both products surpassed their year-ago levels last week, as 30-year FRMs were 3.75 percent and 15-year FRMs were 2.97 percent during the same period in May 2012.