The housing market continues to show signs of rebounding as pending home sales increased 3.7% in October, the National Association of Realtors reported today. It was the ninth consecutive monthly increase.
The association's pending home sales index was 114.1, compared with 110.1 in September. October's index was 31.8% higher than that of September 2008.
National Association of Realtors Chief Economist Lawrence Yun said in a statement that "as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010."
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The index increased from September in the Northeast, Midwest, and South by 19.9%, 11.6% and 5.4%, respectively and fell 11.2% in the West.
On a year-to-year basis, the index increased in all regions. It increased in the Northeast, Midwest, South and West by 44.2%, 36.6%, 31.6% and 21.9%, respectively.
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