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.
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