The National Association of Realtors reported that pending home sales reached their highest point in nearly two years in January, according to a story on HousingWire. The association’s index measuring pending sales settled at 97 for the month, its best mark since reaching 111.3 in April 2010.
The January reading was a 2 percent increase from December 2011. NAR also reported the number of signed contracts rose 8 percent from the same time last year.
Association chief economist Lawrence Yun offered job growth and rising rental rates as driving forces behind the upswing. The hope is that they will continue to push a sustained recovery forward.
Regional breakdowns show that the South saw the greatest increase in pending sales in January, sporting a 7.7 percent increase. Growth was nearly identical in the Northeast at 7.6 percent. Pending sales actually fell in the West and the Midwest at rates of 4.4 percent and 3.8 percent respectively.
Growth in signed contracts, however, was consistent across all regions; the Midwest saw the greatest surge in that category, with a 10.8 percent increase.
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