Pending home sales inched up in November, moving above year-over-year levels for the third consecutive month, according to the National Association of Realtors® latest Pending Home Sales Index report. The index is a forward-looking indicator based on contract signings. All regions saw a slight gain in sales activity in November, except for the Midwest, NAR reports. Nationwide, the index ticked up 0.8 percent to 104.8 in November, and is now 4.1 percent above November 2013 numbers. It marks the highest year-over-year gain since August 2013, when the index jumped 5.6 percent year-over-year. “With rents now rising to a seven-year high, historically low rates and moderating price growth are likely to entice more buyers to enter the market in upcoming months,” says Lawrence Yun, NAR’s chief economist.
From Realtor Magazine, January 2015. Read the full article here.