Home Sales Jump in October

Home Sales Jump

home sales

The National Association of Realtors® just reported October Pending home sales rose strongly by10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010! Keep in mind that this data reflects contracts but not home closings.

The National Association of Realtors® chief economist, said: “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. Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.” Read more