Pending home sales improve in October

More consumers signed home purchase contracts in October compared to September's figures, recent real estate records showed.

More consumers signed home purchase contracts in October compared to September's figures, recent real estate records showed.

Overall, pending home sales rose more than 5 percent last month, property data from the National Association of Realtors revealed. This brought the Pending Home Sales Index to 104.8, up from the previous month's figure of 99.6. Additionally, the figure was more than 13 percent higher than the same month in 2011, when it was 92.6.

"We've had very good housing affordability conditions for quite some time, but we're seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive," said Lawrence Yun, chief economist for the NAR.

Each region increased in October from the same month last year, the report added. The largest yearly gain was in the South, which jumped more than 17 percent, while the smallest was the West, as it rose 0.9 percent in the past 12 months.

Existing-home sales also increased in October, according to a separate report from NAR. The figure rose 2.1 percent to a rate of 4.79 million transactions from September, while the figure jumped 10.9 percent year-over-year.



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