Pending home sales rise in November

by The Real Estate Faction on January 6, 2011

NAR’s Pending Home Sales Index rose 3.5 percent to 92.2, based on contracts signed in November, compared with 89.1 in October. The index is 5 percent below a reading of 97 in November 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Pending home sales in the West, which includes California, rose 18.2 percent to 123.3 and is 0.4 percent above a year ago.

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