Pending Home Sales Rise

The number of U.S. buyers who signed contracts to purchase previously owned homes grew in January to the highest level in 21 months, another signal that the housing market is beginning to recover.

The National Association of Realtors' seasonally adjusted index for pending sales of existing homes increased 2% on a monthly basis to 97.0. It was the highest reading since April 2010, when sales were getting a lift from federal tax credits. The results were 8% above the same month a year earlier.

The readings "suggest that home re-sales should be a bit stronger over the next couple of months but at a level that is still fairly subdued," said Steven A. Wood, chief economist with Insight Economics LLC.

Economists surveyed by Dow Jones Newswires had forecast that pending home sales would rise by 1% on a monthly basis from an originally reported December reading of 96.6. December's figures were revised down to a reading of 95.1.

Read Full Article from Wall Street Journal

- Posted: 2012-02-27 12:45:08

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