The National Association of Realtors’ index of pending sales for existing homes took a huge jump in April to 88.2, up from a March reading of 83.0.  The jump was a happy surprise for Wall Street analysts, who expected the index to stay right at 83.

The index is based on the average level of sales activity in 2001 - where the index would be 100.

Here in the South (including the Myrtle Beach real estate market), the index posted a solid 4.6% gain, not quite as high as California (8.3%) but definitely better than the Northeast (-1.9%).

NAR Chief Economist Lawrence Yun noted that pending sales contracts have ticked up in areas with the largest price declines such as Detroit and Las Vegas. “Bargain hunters have entered the market en masse,” he said.

Isn’t this what we’ve been telling you for awhile?  NOW is the right time to buy - before everyone else picks up on the good news!