Pending Home Sales Skyrocket 10.4% in November, Reverses October Slide
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Americans signing contracts to acquire a new home rose last week, reversing prior numbers, and beating expectations.
According to data from the National Association of Realtors, pending home sales rose 10.4 percent, the biggest increase since November 2010. The number reverses a 4.6 percent slide in October, and outpaced the 2.0 percent gain expected by economists.
Overall, homebuying conditions are mixed right now: mortgage rates continue to be at all time lows, but the 9 percent unemployment rate coupled with tighter lending standards are deterring others.
Of the four regions covered, only the West showed a decline in contract signings, with a 0.3 percent drop.
NAR's index level for pending home sales was 93.3, compared with the benchmark 100.0 set in 2001, which is generally consistent with an average level of activity.
According to data from the National Association of Realtors, pending home sales rose 10.4 percent, the biggest increase since November 2010. The number reverses a 4.6 percent slide in October, and outpaced the 2.0 percent gain expected by economists.
Overall, homebuying conditions are mixed right now: mortgage rates continue to be at all time lows, but the 9 percent unemployment rate coupled with tighter lending standards are deterring others.
Of the four regions covered, only the West showed a decline in contract signings, with a 0.3 percent drop.
NAR's index level for pending home sales was 93.3, compared with the benchmark 100.0 set in 2001, which is generally consistent with an average level of activity.
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