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Submitted by webadmin on January 6, 2011 - 10:42am
Pending home sales rose again in November, with the broad national trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS®.
Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. “In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said. “But further gains are needed to reach normal levels of sales activity.”
The Pending Home Sales Index* in the Northeast increased 1.8 percent