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[brightcove vid=1706626504001&exp=1465406675&w=486&h=412] NAR chief economist, Lawrence Yun, asserts that the increase of May's pending home sales index is a clear sign of a "sustainable recovery."   Home contracts  continue to show progress in both monthly and annual gains--a clear indicator on how the market is performing--by reaching the highest level in two years.
According to The Pending Homes Sales Index, contract signings "rose 5.9 percent to 101.1 in May from 95.5 in April and is 13.3 percent above May 2011 when it was 89.2."  However, it must be noted that this data only reflects pending home sales. Actual closings have been higher since the beginning of the year, as we should anticipate a 9 to 10 percent improvement in total sales for 2012, Yun states.

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