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News & Information: Real Estate News

Pendings nationwide surge 10 percent in October

Monday, December 05, 2011  
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Pending home sales across the country rose strongly in October and remain above year-ago levels, according to the National Association of REALTORS®. The Pending Home Sales Index jumped 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5.

Lawrence Yun, NAR chief economist, says improved contract activity is a hopeful sign. "Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions,” he says.

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