Big Jump in Pending Sales of Existing Homes

Homes Under Contract Reach 3-year High

November 2, 2009

The volume of pending sales of existing homes is 21 percent higher than it was a year ago. The seasonally adjusted index of sales agreements rose by 6.1 percent in September, making it the highest increase since December 2006, according to the National Association of Realtors.

The federal government’s economic stimulus package plays a significant role in the increase, and Congress is considering a plan to extend and expand tax credits offered to home buyers through April, 2010.

The number of homes under contract rose by 10 percent in the West, 8 percent in the Midwest, 5 percent in the South and 2 percent in the Northeast.