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Housing Indicators Rise in November

by Jessica Wormeck November 10, 2012

According to the most recent reports from the National Association of Realtors (NAR), existing-home sales continued to improve in November, bringing home sales to the highest level since November 2009. In addition, the national median existing-home price was up 10.1 percent from November 2011, marking the ninth consecutive monthly year-over-year price gain.

Based on NAR’s Pending Home Sales Index it seems we can expect to see continued momentum in the housing market. Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years. In fact, the index is at the highest level since April 2010 when buyers were rushing to beat the deadline for the homebuyer tax credit.

 

NAR Chief Economist Lawrence Yun said home sales are on a sustained uptrend. "Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."