Pending Home Sales Index Shows an Increase for November

The Pending Home Sales Index (PHSI) reports that the amount of signed contracts in November is up by 3.5% nationwide from October.   Although the PHSI indicates that the national reading is down by 5% from November 2009, the Western region of the United States had the largest increase in signed contracts in November 2010 and even showed an increase from their reading in November 2009. 

In light of the recent PHSI readings, The National Association of REALTORS’ chief economist, Lawrence Yung, states that, “All the indicator trends are pointing to a gradual housing recovery” and gives his projections on the housing market for 2011.  Read more at:  http://bit.ly/i7pLvy

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