Pending Home Sales and New Home Sales Improve:
The number of contracts signed to buy previously owned homes in
November rose to the highest level in more than two years on a seasonally
adjusted basis, the latest sign of how housing demand has firmed up.
The National Association of Realtors said their index of pending home sales, reflecting sales that have gone into contract but haven't yet closed, rose 9.8% last month from one year ago and by 1.7% from October, marking the 19th consecutive month where contract activity has risen from the previous year.
More recently, traditional buyers—who plan to live in the home they buy—have returned in growing numbers. Household formation is expanding as the economy posts modest job growth. Rising rents and prices are sparking a sense of urgency among buyers, who are increasingly frustrated by the lack of attractive inventory.
The National Association of Realtors said their index of pending home sales, reflecting sales that have gone into contract but haven't yet closed, rose 9.8% last month from one year ago and by 1.7% from October, marking the 19th consecutive month where contract activity has risen from the previous year.
More recently, traditional buyers—who plan to live in the home they buy—have returned in growing numbers. Household formation is expanding as the economy posts modest job growth. Rising rents and prices are sparking a sense of urgency among buyers, who are increasingly frustrated by the lack of attractive inventory.
In a separate report, New-home sales rose in November, recording
their strongest pace in more than 2 years, another sign of improvement in the
housing market.
The Census Bureau
reported Thursday that sales of new homes rose to an annual rate of 377,000 in the
month, up 4.4% from October, and up
15% from year-earlier levels. It was the highest rate of
new-home sales since April 2010, when sales were inflated by a temporary $8,000
tax credit for home buyers.
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