US Pending and New Home Sales up in October

01 December 2011

US pending home sales rose 10.4 percent last month according to the latest data from the National Association of Realtors.

 

"Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years," said NAR Chief Economist Lawrence Yun.

 

"We hope this indicates more buyers are taking advantage of excellent affordability conditions."

 

New home sales also edged up last month. According to the latest data from the Census Bureau of 307,000 new homes were sold last month, up 1.3% from a downwardly revised rate of 303,000 homes in September, and up 8.9% compared to last year.

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