October Pending Homes Sales Positive

by bkrigbaum@solagroup.com

October was a good month for pending home sales. According to the National
Association of Realtors
, the
Pending Home Sales Index “rose 10.4 percent to 89.3 based on contracts
signed in October from 80.9 in September.”

NARI’s release notes that the index is down 20.5 percent below October
2009 numbers – highest level since 2006. . However, the numbers from
October 2009 were impacted by first-time homebuyers who were taking
advnatage of the tax credit before its November 2009 deadline.

“It is welcoming to see a solid double-digit percentage gain,
but activity needs to improve further to reach healthy, sustainable
levels.  The housing market clearly is in a recovery phase and
will be uneven at times, but the improving job market
and consequential boost to household formation will help the recovery
process going into 2011,” said Lawrence Yun, NAR chief
economist in the release.

Also read: Pending Home Sales Show Another Gain.

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