November Pending Home Sales Up Over 2008

Washington, DC, Jan. 5, 2010–Pending home sales in November were higher than a year ago but fell 16% from October as the tax credit for first-time buyers was set to expire on Nov. 30, the National Association of Realtors said.

The index — which measures contracts signed but not closed on previously owned homes — was 15.5% higher than in November 2008. The tax credit was ultimately extended until April and expanded to repeat buyers.

“The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own,” said Lawrence Yun, chief economist for the lobbying group. “We expect another surge in the spring.”