Home Sales at Highest Level Since March 2007
By Eric Reid
(Renaissance Realty Group of Keller Williams Atlanta Partners)
The Pending Home Sales Index (PHSI) jumped 5.2 percent in October to 104.8, its highest level since March 2007, the National Association of Realtors (NAR) reported Thursday. Economists had expected a smaller increase to 100.5. The September index was revised up to 99.6 from the originally reported 99.5. On Wednesday, the Census Bureau and HUD reported jointly new home sales—the equivalent of the PHSI—had declined an ever-so-slight 0.37 percent in October. Both reports measure contracts for the purchase of a home. Lawrence Yun, NAR chief economist, explained the jump in the PHSI by suggesting buyers are responding to favorable market conditions, noting “[w]e’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation, a...
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