Contract signings on existing-home sales edged up in September, gaining 0.3 percent on a monthly basis to bring the National Association of Realtor’s (NAR) Pending Home Sales Index to a reading of 99.5. The index, which tracks contracts but not closings, was 14.5 percent higher on an annual basis—the 17th consecutive month of registered year-over-year gains.
"Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range," said Lawrence Yun, NAR’s chief economist. "Only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013."
NAR anticipates that completed existing-home sales will reach nearly 4.6 million in 2012, which would be an increase of 9 percent over 2011.
Claire Easley is a senior editor at Builder.