Pending Home Sales November 2011: Existing Home Sales Rise To 1.5 Year High

Posted: Updated:

WASHINGTON (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.

(Reporting by Lucia Mutikani; Editing by Padraic Cassidy)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Around the Web

Nov. pending home sales rise

US jobless claims rise to 381000

Pending Sales of US Existing Homes Rose 7.3% in November

Housing Showing Signs Of Stabilization; Home Builders Benefit

Links for the informed adviser…