The number of contracts to buy previously owned homes rose more than forecast in November, a sign sales are recovering following a plunge after the expiration of a tax credit.
The index of pending resales increased 3.5 percent after jumping a record 10 percent in October, the National Association of Realtors said Thursday in Washington. The median forecast in a Bloomberg News survey called for a 0.8 percent rise in November, and the gain was the fourth in five months. The group’s data go back to 2001.
Home demand is stabilizing after sales collapsed to a record low in July, as the effects of a tax incentive worth as much as $8,000 waned. A jobless rate hovering near 10 percent means foreclosures will remain elevated and any recovery in housing, the industry that precipitated the worst recession since the 1930s, will take time to develop.
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