Pending Home Sales Show Healthy Increase
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NAR announced that according the Pending Home Sales Index, October’s 93.3 rating represents a 9.2% increase year over year, and all US regions show an increase. The gain in the Midwest was largest at 13.2% year over year.
NAR’s latest economic forecast anticipates 4.97 million sales of resale homes in 2011, with home prices falling from $172,900 in 2010 to $165,200 this year. Those numbers are anticipated to jump in 2012 to 5.22 million sales and a median resale home price of $168,200.
NAR projects 303,000 new single-family home sales this year (down 5.9 percent from 2010), with the new-home median price rising 1.5 percent, to $224,300. The association anticipates new-home sales will climb to 352,000 in 2012, with the median new-home price climbing to $230,100.
