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Pending home sales spike in October

Pending home sales increased 10 percent in October.

Pending home sales increased 10 percent in October.

The National Association of Realtors recently released a report indicating pending home sales jumped in October, which continues a mainly positive trend since hitting rock bottom in June.

The Pending Home Sales Index increased 10.4 percent to 83.9 based on contracts signed in the month, a figure that is up from 80.9 in September. However, the index remains 20.5 percent below the cyclical peak of 112.4 last October, which was the highest level since May 2006, according to the NAR.

One housing expert indicates the current "excellent" housing affordability conditions are encouraging home buyers. NAR chief economist Lawrence Yun says, "It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels," he commented. "The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011."

Although this uptrend provides a positive outlook for the housing market, home building companies including Beazer Homes USA Inc. remain cautious about next year because of high unemployment levels, and the amount of foreclosures makes predicting the market’s future difficult, according to a recent Bloomberg report. Now may be the best time for buyers who plan on moving into a reasonably priced home.