Pending Home Sales Rose Third Straight Month

The National Association of Realtors’ (NAR) Pending Home Sales Index showed that contract signings rose in November by 1.7% over October and 9.8% over November 2011. This increase represents the third straight month where pending home sales increased and is “the highest level since April 2010 when…buyers were rushing to beat the deadline for the home buyer tax credits.” Even though the pending home sales data for the West reflected a 4.2% increase in November from October, constraints in inventory caused contract signings to be 3.2% lower than a year ago.

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