NAR: Home prices are firming

Real Estate News Blog Headline

Pending Home Sales Index down

After holding fairly stable for a year, pending home sales declined in the face of job losses and an eroding economy, According to the National Association of Realtors, pending home sales declined because of the economy, after being pretty stable for a whole year. The Pending Home Sales Index is a forward-looking indicator based on contracts signed in November. It fell 4% to 82.3 from a downwardly revised reading of 85.7 in October. The index is 5.3% below November 2007. Regionally, the index did pretty good in the West: it was down 2.4% to 101.2 but remains 19.3% higher than November 2007.

Posted: January 7, 2009

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