November 2012 Pending Home Sales Show Housing Recovery Continues

Written by Steven Hansen The November 2012 pending home sales index released by the National Association of Realtors (NAR) suggests: Econintersect's uses the November pending home sales data to forecast the December 2012 home sales - and our December forecast is 385,000 (see details below); If this 385,000 historical correlation is correct, this would be a 10.1% gain year-over-year in December existing home sales, and the 18th month in a row of year-over-year gains. unadjusted actual November existing home sales were down 5.9% month-over-month, Up 15.5% year-over-year.  The rate of growth in 2012 is now flat - in other words the growth rate is remaining inside a channel neither accelerating or decelerating. The NAR reported the November pending home sales index up 1.7% month-over-month and up 9.8% year-over-year, while the market was expecting 1.0% (versus the 1.7% reported). E...