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Pending Sales of Existing Homes Up to a Nearly Two-year High!!!!

Pending Sales of Existing Homes Up to a Nearly Two-Year High

From Realty Times: More Americans are signing contracts to buy existing homes than at any time in nearly two years, boosting the housing industry’s slow recovery, according to the National Association of Realtors® index of pending home sales.

The measure is up 2 percent to 97 in January after slipping 1.9 percent in December. The index of deals for previously owned homes is up 8 percent compared with the 89.8 level from January 2011.

Last month saw the highest point on the index since April 2010, when consumers drawn by a home-buyer tax credit pushed the figure to 111.3. That was the last time the measure exceeded 100 — the benchmark for industry health.

The index showed year-over-year increases in every region—a 9.8 percent increase in the Northeast, a 10.8 percent rise in the Midwest, a 10.5 percent boost in the South and a smaller 0.7 percent uptick in the West.

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