Pending Home Sales Improve in October

The National Association of Realtors® spokesperson, Lawrence Yun, reported that pending home sales took a welcome detour to the upside in October.  Contract signings surged 10.4% over September’s pending sales to an index level of 93.3% compared to 84.5% the month before.  The pending sales are 9.2% above the October 2010 level.

The PHSI was up 17.7% in the Northeast surged and is 3.4% above October 2010. In the Midwest the index soared 24.1% in October 2012 compared to September and is 13.2% above a year ago. Pending home sales in the South rose 8.6% month-over-month, 9.7% higher than October 2010. In the West the index fell 0.3%, but represented an 8.1% improvement compared to a year ago.

Does the improvement in pending sales portend an improvement in the housing market through the normally sluggish winter months?