Pending home sales inch higher in September | Mt Kisco NY Real Estate

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Pending home sales edged up 0.3% in September after a sharp drop in the prior month, a trade group reported Thursday. The pending-home-sales index rose to 99.5 from 99.2 in August, the National Association of Realtors said. This is still below the 101.9 level reached in July. Economists were looking for a bigger rebound. "Home contract activity...currently appears to be bouncing around in a narrow range," said Lawrence Yun, chief economist of the NAR. "This means only minor movements are likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013," he added. Compared to the same period in 2011, pending home sales were up 14.5%, marking the 17th straight month of year-on-year gains. A sale is listed as pending when the contract has been signed but the transaction has not closed, and an index of 100 is equal to the average level of contract activity during 2001. In contrast, existing home sales are recorded when a mortgage is closed, implying there is usually a one-to-two month lag between the series.
via articles.marketwatch.com

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