While pending home sales across the country have steadily risen over the last five months, November’s numbers show a 5 percent decrease from the same time last year, according to a recent report from the National Association of Realtors (NAR).
The nation’s pending home sales for November did rise 3.5 percent from October, according to the report. Pending home sales in the Northeast increased 1.8 percent month-to-month but is 6.2 percent below November 2009.
"In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market," said Lawrence Yun, NAR chief economist. "But further gains are needed to reach normal levels of sales activity."
Yun added: "All the indicator trends are pointing to a gradual housing recovery. Home price prospects will vary depending largely upon local job market conditions. The national median home price, however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy homebuyers."
