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A full recovery may be a long way off, but 2010 might end on a good note, as pending home sales rose again in November, according to the National Association of Realtors.
The Pending Home Sales Index rose 3.5 percent to 92.2, based on contracts signed in November. The increase signals a broader trend over the past five months and could indicate a gradual recovery into 2011. However, the index is 5 percent below the 97.0 reading from November 2009.
“In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” said Lawrence Yun, chief economist at NAR. “But further gains are needed to reach normal levels of sales activity.”
He added that near-record housing affordability is fueling the activity.
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