Pending Home Sales Highest Since 2010 Tax Credit Expiration

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Posted To: MND NewsWire

The National Association of Realtors® (NAR) Pending Home Sales Index reached the highest level seen in two and a half years in November after posting its third consecutive monthly increase. The previous recent high was in April 2010 when buyers were rushing to qualify for the homebuyers' tax credit . The PHSI rose to 106.4 in November, a 1.7 percent increase over the October number which was revised down slightly to 104.6 from the 104.8 originally reported. The November index was 9.8 percent above the index of 96.9 in November 2011. The PHSI is a forward looking indicator of home sales based on contract signings. Home sales are typically completed within one to two months of contract signings. Lawrence Yun, NAR chief economist, said home sales are on a sustained uptrend. "Even with market...(read more)

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Source: www.mortgagenewsdaily.com

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