The National Association of Realtors® (NAR) annouced that October was the ninth consecutive month of increases in the number of pending home sales. The NAR index rose an unprecendeted 32%. Between September and October NAR’s Pending Home Sales Index rose 3.7% to 114.1 from 110 in October. But the index is 31.8% higher than a year ago, when it was 86.6. That’s the biggest year-over-year gain in the history of the index. There is now a seven month supply of homes on the market at the current rate of sale. which is down from 10.2 months a year ago. Lawrence Yun, Chief Economist for NAR, predicted that housing conditions could return to near normal and home prices firm up by mid-2010.
