Pending Home Sales Index Highest Since 2007

Homes under contract reached its highest level in almost six years in October. The seasonally adjusted pending home sales index rose 5.2% October according to the National Association of Realtors, this represents the highest level, with the exception several months during the homebuyer tax credit, since March 2007. There has been a steady rise in home prices and job gains, and continued record-low mortgage rates, all of which are encouraging potential homebuyers to enter the market. Builder are more optimistic than they have been in over six years according to new data, and builders broke ground on new homes and apartments at the fastest pace in more than four years last month. For a more detailed picture of the current market visit USAToday.


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