Pending Home Sales Rise 0.8% In November

A gauge of pending home sales rose 0.8% in November, led by gains in three of four U.S. regions, signaling that upcoming deals could pick up, the National Association of Realtors reported Wednesday. The index of pending home sales hit a seasonally adjusted 104.8 in November, compared with 104 in October. "The consistent economic growth and steady hiring we've seen the second half of this year is giving buyers enough assurance to consider purchasing a home before year's end," said Lawrence Yun, NAR's chief economist. "With rents now rising at a seven-year high, historically low rates and moderating price growth are likely to entice more buyers to enter the market in upcoming months." In November the gauge of pending home sales rose 1.4% in the Northeast, 1.3% in the South and 0.4% in the West. The gauge declined 0.4% in the Midwest. Pending sales typically close within two months. An index reading of 100 equals 2001's average contract activity level.