Pending Home Sales at 18-month High
New contracts to purchase homes rose by 7.3% in November to an index level of 100.1, the highest reading since the 111.5 level posted in April 2010. The index measures signed contracts for home purchases, not closed sales. According to…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
New contracts to purchase homes rose by 7.3% in November to an index level of 100.1, the highest reading since the 111.5 level posted in April 2010. The index measures signed contracts for home purchases, not closed sales.
According to the National Association of Realtors’ chief economist,
Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high. Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.
Pending sales rose most in the West, by 14.9% compared with October’s results. A gain of 3.3% in the Midwest was the lowest reading.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
