Pending home sales up a second straight month

The National Association of Realtors says that pending sales indicators are showing upward movement for the second straight month. This is a forward-looking indicator – showing what is about to happen in the market, rather than recording what happened over the last 30 days, as do most statistics.

The Chief Economist for the NAR sees this as a positive sign. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

For more information on the Pending Sales Report, go to Realtor.org.