Pending home sales up 6% from last year

WousingWire.com

by JON PRIOR

Thursday, October 27th, 2011, 10:05 am

Pending home sales based on contract signings in September increased 6% from the year before, according to theNational Association of Realtors.

The index is based on signed sales of existing single-family homes, condos and co-ops. The transactions have yet to close, making it a forward-looking projection from the trade group.

Pending home sales were down 4.6% from the month before, but that is a typical seasonal drop. NAR Chief Economist Lawrence Yun blamed a combination of weaker consumer confidence and tighter requirements from banks.

The index showed the highest increase from last year in the Midwest, with pending sales there 12.3% higher than they were last year. The area, however, showed the sharpest monthly decrease at 6.2%.

Pending sales in the Northeast were 4% above the year before, the smallest increase.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s