Pending home sales figures were higher in October over September by 10.4%. The pending figures represent homes that have gone into contract but not yet closed.
Lawrence Yun, chief economist for the National Association of REALTORS® (NAR) says, “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011.”
Watch the entire report below: