Pending home sales rise in November

On a year-over-year basis, the pending home sales rate has now increased for 19 consecutive months.Real estate activity often cools in the fall and winter months, but transaction rates remained hot in November.During the month, pending home sales increased 1.7 percent from October, to an index of 106.4, according to a report from the National Association of Realtors. A mark of 100 indicates the level of activity that occurred when record keeping first began, which was prior to the housing market collapse.On a year-over-year basis, the pending home sales rate has now increased for 19 consecutive months, the report said.”Even with market frictions related to the mortgage process, home contract activity continues to improve,” said NAR chief economist Lawrence Yun. “Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.”Houston real estate never fully experience the slowdown, which occurred through much of the rest of the country in recent years. In November, there were an estimated 5,891 sales throughout the metropolitan area, marking a 27.9 percent spike on an annual basis. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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