Pending house sales improved further in December 2010, marking the fifth gain in the past six months, according to the National Association of REALTORS. The Pending Home Sales Index, a forward-looking indicator, increased 2.0% to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2% below the 97.8 mark in December 2009. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, credits great affordability conditions and economic improvement. Modest gains within the labor marketplace and the improving Continue Reading →
