Pending home sales rise again in November
Pending home sales rose for a third consecutive month in November, indicating that demand for housing remains strong.
The National Assn. of Realtors said that its pending home sales index, a forward-looking indicator based on the number of purchase contracts signed, rose 1.7% over October and was up 9.8% from November 2011.
“Home contract activity continues to improve,†said Lawrence Yun, chief economist for the group. “Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.â€
The index hit a level of 106.4 last month. A reading of 100 is equivalent to the level of contract signing in 2001, the year the index was started and also a base year in which the buying and selling of homes was considered historically normal for the U.S.
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