Pending Home Sales Rise Again

Pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of REALTORS®.

The pending homes sales index is a forward-looking indicator based on contract signings.  The sustained rise in contract signings suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead.

The last time the pending home sales index was higher was in April 2010 as buyers rushed to beat the deadline for the home buyer tax credit.