The housing market continues to show signs of rebounding as pending home sales increased 6.1% in September, the National Association of Realtors reported today. It was the eighth consecutive monthly increase.
The association's pending home sales index was 110.1, compared with 103.8 in August. September's index was 21.2% higher than that of September 2008.
"Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery," National Association of Realtors Chief Economist Lawrence Yun said in a statement.
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The index increased from August in the Midwest, South and West by 8%, 4.9% and 10.2%, respectively. It declined in the Northeast by 2%.
On a year-to-year basis, the index increased in all regions. It increased in the Northeast, Midwest, South and West by 16%, 17.8%, 22.8%, and 23.7%, respectively.
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