Pending Home Sales Index Rises 7.3 Percent - |

Armando Montelongo Team Blog

Pending Home Sales Index Rises 7.3 Percent

An index that tracks upcoming home sales reached its highest level in 19 months in November, according to a new report.

The National Association of Realtors Pending Home Sale Index increased by 7.3 percent for the month and was up 5.9 percent from 2010. It is at its highest level since April 2010.

The index is based on pending sales of existing homes. A sale is listed as pending when a contract has been signed but the transaction has not been closed.  The sale typically is closed within 1-2 months of signing.

The index is at 100.1, with 100 representing the average number of pending sales in 2001, when the index was launched. The association said an index of 100 is considered a historically healthy level.

Here is data for the four major regions in the index, with the index level, change from October and change from November 2010:

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