In the most recent report released by the National Association of Realtors (NAR), the November “pending home sales index” rose 3.5% over the prior month. The index measures the number of signed contracts for purchases of existing previously owned homes. This follows a record 10% jump for October and beat modest expectations!
What’s behind the renewed interest in “signing on the dotted line”? It’s the dynamic duo of “…historically high housing affordability’, and “overall economic improvement” according to NAR’s chief economist, Lawrence Yun. Concerns over rising interest rates played a significant role as well. Yun is predicting an 8% rise of units sold in 2011 and an additional 4% in 2010.