Pending Home Sales on Upswing

Though not reflecting closings, the National Association of Realtors (NAR) tells MHProNews the Pending Homes Sales Index (PHSI) rose 5.2 percent Oct. over Sept. 2012 to 104.8, and 13.2 percent over Oct. 2011. Pending home sales have risen for 18 consecutive months, and are are at their highest level since 2007. NAR Chief Economist Lawrence Yun says, “Contract activity surged in the Midwest and is showing very healthy gains in the South, but was down slightly in both the Northeast and West. The Northeast saw some impact from Hurricane Sandy, but limited inventory in the West is keeping a lid on the market. All regions are up from a year ago, with double-digit gains in every region but the West.”

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