By Dees Stribling | MHN Online
The National Association of Realtors said on Monday that its pending home sales index, a forward-looking indicator based on contracts signed but not closed, inched up to 101.7 in November from a downwardly revised 101.5 in October. Year-over-year, pending sales has lost a little ground. In November 2012, the index came in at 103.3.
NAR also predicts that total existing-home sales this year will reach 5.1 million units, a gain of almost 10 percent over 2012. That total should stay at that level in 2014, according to the organization, and then rise to 5.3 million units in 2015. The national median existing-home price for all of this year will be close to $197,300, up nearly 12 percent from 2012, but is projected to rise at a more moderate pace of 5 percent to 5.5 percent in 2014, and grow another 4 percent in 2015.
