The NAR’s chief economist noted:
Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.
Pending sales rose most in the Northeast — up 5.2% compared with October. In the Midwest sales improved just 0.1% from October, and sales in the South were unchanged. The Midwest and Northeast regions are both up 15.2% year-over-year, and the South is up 13.9%.
The West region continues to be constrained by an inventory shortage. Pending sales rose 4.2% from October but are 3.2% below sales in October 2011.
The NAR noted that pending home sales are at their highest level since April 2010.
Paul Ausick
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