Pending home sales hit highest level in 2 1/2 years
BY Wire reports
Saturday, December 29, 2012
12/29/12 at 5:52 AM
A measure of Americans who signed contracts to buy homes increased last month to its highest level in 2 1/2 years, the latest sign of improvement in the once-battered housing market.
The National Association of Realtors said Friday that its seasonally adjusted pending home sales index rose 1.7 percent in November from October to 106.4. That's the highest since April 2010, when a federal tax credit caused a spike in sales.
Home sales are on track to rise 10 percent this year to their highest level in five years, buoyed by ultra-low mortgage rates and steady job gains.