NAR’s Pending Home Sales Index rose 6.1 percent to 110.1 in September compared with 103.8 in August. The index now is 21.2 percent higher than its September 2008 reading of 90.9, the largest annual increase on record, and is at its highest level since December 2006 when it stood at 112.8. The Pending Home Sales Index in the West increased 10.2 percent to 143.8 in September and is 23.7 percent higher than a year ago.
“What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” said NAR’s Chief Economist Lawrence Yun. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery."
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