Pending sales of U.S. existing houses jumped by a record 10 percent in October in three of four regions tracked. Three of four U.S. regions saw an increase, including gains of 27 percent in the Midwest, 20 percent in the Northeast and 7.1 percent in the South. But, purchases fell 0.4 percent here in the West.
Lawrence Yun, NAR’s chief economist, said: “The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011, but activity needs to improve further to reach healthy, sustainable levels.â€
Also, the Federal Reserve said in its Beige Book report “Housing markets remain depressed, with several Districts reporting further weakening during the past six weeks.â€
So, the real question is will the increasing home sales in other area of the country, pull up home sales here in the West.
