US pending home sales jump to nearly a 6-year high


WASHINGTON (AP) — An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years. Steady job gains and record-low mortgage rates have made home buying more attractive.

The National Association of Realtors says its seasonally adjusted pending home sales index rose 5.2 percent to 104.8 in October. Excluding a few months when the index spiked because of a homebuyer tax credit, that is the highest level since March 2007.

Contract signings typically indicate where the housing market is headed. There’s generally a one- to two-month lag between a signed contract and a completed sale.


advertisement

© 2012 The Associated Press. All rights reserved.

More articles filed under Business News

Leave a Comment

Please use the comment box below for general comments, but if you feel we have made a mistake, typo, or egregious error, let us know about it. Click here to "call us out." We're happy to listen to your concerns.