NAR: Pending Home Sales Up In October

12831_house_gray NAR: Pending Home Sales Up In October The National Association of Realtors (NAR) Pending Home Sales Index (PHSI) increased 5.2% to 104.8 in October from an upwardly revised 99.6 in September. It is 13.2% above October 2011, when it was 92.6, and is at its highest level since March 2007.

The PHSI in the Northeast slipped 0.1 % to 79.2 in October, but is 13.3% above a year ago. In the Midwest, the index jumped 15.6% to 104.4 in October and is 20% above October 2011. Pending home sales in the South rose 5.5% to an index level of 117.3 in October and are 17.4% higher than a year ago. In the West, the index declined 1.1% in October to 105.7, but is 0.9% above October 2011.

‘We've had very good housing affordability conditions for quite some time, but we're seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive,’ says NAR Chief Economist Lawrence Yun.


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