Cord Moving and Storage Headquartered in Saint Louis, MO one of the largest relocation companies globally is pleased to report that pending sales of existing homes rose to the highest level in two-and-a-half years in November, and gains are expected to continue in the new year.
The National Association of Realtors says the number of contracts signed to buy an existing home last month rose 1.7 percent from November. Pending sales were up 9.8 percent from a year earlier. Pending sales reached the highest level since April 2010, when buyers were racing to beat a deadline for a home-buyer tax credit. “Even with market frictions related to the mortgage process, home contract activity continues to improve,” says Lawrence Yun, chief economist for the Washington-based association. “Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.”
The NAR expects existing home sales to rise as much as 9 percent in 2013, after a 10 percent gain for all of 2012. It also expects median sales prices to rise 4 percent next year, after rising more than 7 percent this year.
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