Rebounding from October’s fall, pending home sales were up 1.2 percent to an index reading of 108.5 in November, according to the National Association of Realtors’ latest report. To put that into perspective, an index of 100 is equal to the level of contract signings in 2001, when the U.S. housing bubble began.
The gain wasn’t just a monthly boost either. NAR’s Pending Home Sales Index, which looks at contract signings across the country, showed that activity jumped 7.4 percent over this time last year.
In the Northeast, pending home sales were down slightly, 0.1 percent to 96.3 in November, although year over year, contract signings were up 2.6 percent.