The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.
Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Realtors® recently rated many exterior improvements as among the most valuable home investment projects as part of the 2011-12 Remodeling Cost vs. Value Report.
A recent survey by Houselogic.com, the consumer website from the National Association of Realtors®, finds nearly one-third of respondents said housing will be the top issue on their mind when they head to the polls next November.
The National Association of Realtors® supports legislation introduced today that provides sensible reform of the secondary mortgage market and protects the interest of taxpayers.