October's Pending Home Sale Surprise
In the month of October, pending home sales rose to an unexpected 10.4% after falling 4.6% in September. The pending sales index, a number based off contracts signed during the month, was revealed to be at 93.3, the highest we’ve seen since December last year.
Although this number doesn’t predict the number of sales (these sales won’t close for another month or two), it has experts hoping that buyers are finally returning to the market, due to low rates and home prices.
From these results, NAR economists predict that existing home sales will increase 5.1% in 2012 to $5.2 million. They also predict that median home prices will be about $168,200 next year.