US Pending Home Sales Jump to Nearly 6-Year High
An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years. Steady job gains and record-low mortgage rates have made home buying more attractive.
The National Association of Realtors says its seasonally adjusted pending home sales index rose 5.2 percent to 104.8 in October. Excluding a few months when the index spiked because of a homebuyer tax credit, that is the highest level since March 2007.
Contract signings typically indicate where the housing market is headed. There's generally a one- to two-month lag between a signed contract and a completed sale.
(Copyright 2012 by The Associated Press. All Rights Reserved.)