Pending home sales make a jump again in October
Pending sales of existing homes were up 5.2% from September to October and 13.2% from a year ago, according to an index maintained by the National Association of Realtors.
NAR's Pending Home Sales Index, which represents existing-home contracts signed but not yet closed, rose to 104.8 in October - the highest sustained level in five years.
In April 2010, when the federal homebuyer tax credit was still in place, the index hit 111.3, but soon dipped back down.
An index score of 100 is equal to the average level of sales contract activity in 2001, a robust year for home sales and the first year examined by the trade group.
Contracts signed in October typically close one or two months later.
The 13.2% year-over-year jump for the index in October marks the 18th consecutive month of annual increases - a sign of sustained growth.
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NAR's Pending Home Sales Index, which represents existing-home contracts signed but not yet closed, rose to 104.8 in October - the highest sustained level in five years.
In April 2010, when the federal homebuyer tax credit was still in place, the index hit 111.3, but soon dipped back down.
An index score of 100 is equal to the average level of sales contract activity in 2001, a robust year for home sales and the first year examined by the trade group.
Contracts signed in October typically close one or two months later.
The 13.2% year-over-year jump for the index in October marks the 18th consecutive month of annual increases - a sign of sustained growth.
Read More....
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