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.
Ã¢â‚¬Å“Home contract activity continues to improve,Ã¢â‚¬Â said Lawrence Yun, chief economist for the group. Ã¢â‚¬Å“Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.Ã¢â‚¬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.
Brodie Stephens- Broker/ Owner