Last weekâs economic news supported recent reports that home sales were fewer and home prices increased, but did so at a slower pace.
The annual rate at which contracts for a home purchase were drawn increased 6.9 percent from one year ago.
Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years.
In November, for the second straight month, the Pending Home Sales Index eclipsed its benchmark reading of 100, posting a value of 106.4.
According the National Association of REALTORS® (NAR), the Pending Home Sales Index rose 5.2 percent in October, crossing the benchmark 100 reading, and moving to 104.8.
After a small decline in September, Existing Home Sales rebounded in October, increasing a modest 2.1%.
In September, for the fifth straight month, the Pending Home Sales Index hovered near its benchmark value of 100, registering 99.5.
The National Association of REALTORS® reports Existing Home Sales at 4.75 million units in September 2012 on a seasonally-adjusted, annualized basis, an 11 percent increase from one year ago.
According to the real estate trade association, the Pending Home Sales Index read 99.2 for August — the fourth straight month in which the index hovered near its benchmark value of 100.
According to the National Association of REALTORS®, 4.82 million “existing homes” sold on a seasonally-adjusted, annualized basis in August, representing a near 8 percent improvement from the month prior and a nine percent jump from August 2011.