Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors (NAR).
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent, and is 31.8 percent above October 2008. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006.
Lawrence Yun, NAR chief economist, said “the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.” He believes that “as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010.”
Homes are selling!
