Pending Home Sales Up In November

The pending home sales index rose 1.7% in November to 106.4, which is the highest level since April 2010. The index measures the number of contracts filed to buy homes. If you exclude the months that were bolstered by the homebuyer tax credit, which caused a spike in sales, this is the highest reading since February 2007. The rise in pending home sales points to a probable rise in home sales in the coming months, as home sales tend to close about a month after a signed contract. Analysts are optimistic that home sales are on pace to rise 10% this year to reach the highest levels in five years. For the full report visit USAToday.


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