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Washington's Pending Sales Deserve The Nickname Steady Eddie

We get a double shot of Jonathan Miller this week since today is the day he releases his monthly RBI Pending Home Sales Index. The numbers look good, but he cautions people against comparing this May's data to last year's. This time last year the federal tax credit for first time homebuyers had just expired so there was a big rush to get contracts signed before the deadline and then a big drop off as soon as the deadline passed. Another piece of good news is the median price has risen, which is what is supposed to happen at this point in the buying season.

· Washington D.C. Has Most Contracts Signed In May Since 2005 [RBI]