In a release from the National Association or Realtors, November demand in the Northeast and West has apparently driven home sales for the month to the highest level in almost three years. Pending home sales grew by 1.7 percent during the month, up almost 10 percent over the previous year numbers.
According to NAR's Pending Home Sales Index, pending home sales have now posted annual increases for the last 19 months consecutively. Lawrence Yun (left) , NAR's Chief Economist, offered this comment via the release:
"Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."
Furthermore, the NAR projects that existing-home sales will rise between 8 to 9 percent for 2013.
The Pending Home Sales Index is based on a huge national sample, which represents about one fifth of all transactions for existing home sales. Existing-home sales for December are to be announced January 28; release times are 10:00 a.m. EST.
The video below from NAR offers more details.