Contracts to purchase
previously owned homes rose in November as employment gains and low
borrowing costs helped bring potential buyers into the market.
The pending home sales
index advanced 0.8 percent after a revised 1.2 percent decrease in
October, the National Association of Realtors said today in Washington.
The median projection in a Bloomberg survey of economists called for the
index to rise 0.5 percent, with estimates ranging from a decline of 1.5
percent to an advance of 3.5 percent.
Purchase contracts
climbed 1.7 percent in the 12 months ending in November after a 2.1
percent annual increase in October on an unadjusted basis, the NAR
report showed. The three months of year-over-year advances follow a
series of 11 straight declines.
The pending sales
index was 104.8 on a seasonally adjusted basis. A reading of 100
corresponds to the average level of contract activity in 2001, or
œhistorically healthy home-buying traffic, according to the NAR.
Pending sales
increased in three of four regions from the previous month, led by a 1.4
percent gain in the Northeast. Contract signings climbed 1.3 percent in
the South and 0.4 percent in the West. They fell 0.4 percent in the
Midwest.
Source : Bloomberg
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