The Pending Home Sales Index increased 7.3 percent in November when compared to October's numbers and 5.9 percent when compared to numbers from November 2010.
“November is doing reasonably well in comparison with the past year," NAR chief economist Lawrence Yun said. "The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead.”
The last time the index reached the number it currently is was in April 2010, when buyers were rushing to beat the deadline for the home buyer tax credit.
The PHSI in the Northeast rose 8.1 percent in November, but is still 0.3 percentage points below November 2010. The Midwest reported a 3.3 percent increase, which represented a 9.5 percent year-over-year gain and the South reported a 4.3 percent increase from October. The West increased a dramatic 14.9 percent and is 2.9 percent higher than last year.
With mortgage rates being at historic lows, Americans are packing up and taking advantage of the housing market before interest rates and home values begin going up.
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