Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Pending Home Sales Improve for First Time Since May

The Pending Home Sales Index edged up 0.2% to 101.7 for November, according to a National Association of Realtors (NAR) report released today, the first increase since May.

After dropping a revised 1.2% for October, analysts had expected a significantly larger 1.5% gain. But despite the lackluster results, this uptick was a welcome respite from five consecutive months of declines.

Compared to November 2012, pending home sales are down 1.6%.

US Pending Home Sales Index Chart

US Pending Home Sales Index data by YCharts

The index is based on contract signings (with sales usually finalized one or two months later) and is benchmarked to 2001 contract activity. (An index of 100 is equal to the average level of contract activity during 2001, which was the first year the association examined data).

NAR chief economist Lawrence Yun noted that things are looking up for next year. "We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014," Yun said in a statement today. "Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years."

The national median existing-home price for all of 2013 is expected to be $197,300, according to the NAR, up nearly 12% from 2012. Looking ahead, the NAR expects the median existing-home price to increase 5% to 5.5% for 2014, while existing-home sales are expected to stay flat at 5.1 million. The 5.1 million for this year is a gain of almost 10% over 2012.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2779024, ~/Articles/ArticleHandler.aspx, 10/1/2016 5:10:01 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 19 hours ago Sponsored by:
DOW 18,308.15 164.70 0.91%
S&P 500 2,168.27 17.14 0.80%
NASD 5,312.00 42.85 0.81%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes