9th Consective Months of Rising Pending Home Sales

Real Estate News

The Pending Home Sales Index is an index used by the National Association of Realtors based on contracts signed and is a forward looking indicator. October 2009 showed a 3.7% increase from September 2009 and a 31.8% increase over October 2008.

This is a first for the index having this long of a consective rise and the biggest 1 year increase. The index is just below it's record high of 115.2 during March 2006 being at 114.1

Lawrence Yun believes that the increase is due to a normalization of the market sales due to a previous year of underperformance. Normal sales volume should be in the 5.5 to 6 million range and since last year was below 5 million this year is making up for it.

Date: Friday, December, 25th 2009 @ 10:08:00 AM
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