Pending home sales up 3.5% in November

The National Association of Realtors said its pending-home-sales index rose to 92.2 from a downwardly revised 89.1 in October.

The index is still 5% below November 2009 levels.

The data reflect contracts and not closings, which normally occur after a lag time of one to two months. The index is based on a large national sample, typically representing about 20% of transactions for existing-home sales.

The NAR said the figures suggest a “gradual” recovery into 2011, reflecting housing affordability and an improving economy.

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- Posted: 2010-12-30 09:03:46

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