HousingWire informs MHProNews pending home sales hit a 2.5 year high in Nov., rising 1.7 percent above the index score of 104.6 in Oct. 2012 to 106.4 last month. According to the National Association of Realtors (NAR) Pending Home Sales Index, the index score is 9.8 percent above last year’s index of 96.9. The index did reach 111.3 in April 2010, but that was due to the tax credit incentive available at the time. Lawrence Yun, NAR’s chief economist, says, “Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.”

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