Source: Reuters
(Reuters) - Pending sales of existing homes surged to a 1-1/2 year high in November, an industry group said on Thursday, offering more signs of a tentative recovery in the housing market.
The National Association of Realtors' Pending Home Sales Index, based on contracts signed in November, increased 7.3 percent to 100.1 -- the highest level since April 2010.
Economists polled by Reuters had expected pending sales to rise only 2 percent. Pending sales lead existing home sales by a month or two.
Recent data on home sales and construction have been fairly upbeat, suggesting an improvement in the sector, but prices continue to trend lower.
URL to original article: http://www.builderonline.com/builder-pulse/national-association-of-realtors-pending-home-sales-index-reaches-19-month-high.aspx?cid=BP:122911:JUMP
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