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Pending Home Sales Reach Highest Level in 19 Months

01/02/2012

According to the National Association of Realtors® (NAR), pending home sales continued to gain in November and reached its highest level in 19 months.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October. It’s also 5.9 percent above November 2010 when it stood at 94.5.

The index hasn’t been this high since April 2010 when it reached 111.5 as buyers rushed to beat the deadline for the homebuyer tax credit. The data reflects contracts but not closings.

That's great news for the entire country! Pending home sales in the South rose 4.3 percent in November to an index of 103.8 and remain 8.7 percent above November 2010.

You can read the entire article here.

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