October Pending Home Sales See Strong Increase

On a national level, pending home sales in October 2012 rose 5.2% over September 2012 based on the National Association of Realtors’ (NAR) Pending Home Sale Index. The data entailed in the monthly index report reflect contract signings, but not closings. On a year-over-year basis, October 2012 pending home sale contracts were 13.2% greater than in October 2011.

In consideration of the regional data revealed in the index report, pending home sales in the Midwest and South regions increased. The Northeast and West regions each experienced decreases in pending home sales in October, compared to September, but were still greater than October of last year. Lawrence Yun, NAR chief economist, explains, “The Northeast saw some impact from Hurricane Sandy, but limited inventory in the West is keeping a lid on the market. All regions are up from a year ago, with double-digit gains in every region but the West.” http://bit.ly/Sv7ybh

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