Wednesday, the National Association of Realtors (NAR) released its Pending Home Sales Report for October. The report showed that home sales increased, with the seasonally adjusted national index jumping a notable 10.41% since September and increasing 9.15% above the level seen in October 2010.
Meanwhile, the NARs chief economist Lawrence Yun hopes that Wednesday's numbers indicate that the buyers are coming back to the market.
Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions...
The following chart shows the seasonally adjusted national pending home sales index along with the percent change on a year-over-year basis as well as the percent change from the peak set in 2005 (click for larger version).