Posted by: Marvin Remmich | February 28, 2013

January Pending Home Sales Rise to Highest Level in Nearly 3 Years

The Pending Home
Sales Index (PHSI) rose 4.5 percent to 105.9 in January, its highest level in
almost three years, the National Association of Realtors reported Wednesday.
The monthly increase was the strongest since May, when the index rose 4.9
percent. Despite the strong report, NAR chief economist Lawrence Yun remained
cautious. “Over the near term, rising contract activity means higher home
sales, but total sales for the year are expected to rise less than in 2012,
while home prices are projected to rise more strongly because of inventory
shortages,”

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