Pending home sales in the United States increased in November for the third straight month and reached the highest level in two and a half years, according to the latest data from the National Association of Realtors.
Its Pending Home Sales Index, a forward looking indicator based on contract signings, rose 1.7% to 106.4 in November and is 9.8% above November 2011.
The index is at the highest level since April 2010 when it hit 111.3 as buyers were rushing to beat the deadline for the home buyer tax credit. With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007 when the index reached 107.9.
NAR chief economist Lawrence Yun said that home sales are on a sustained uptrend.
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