Pending US home sales hit 19-month high

Pending sales of properties in the US hit the highest level experienced in 19 months in November.

Such is the finding of the US National Association of Realtors' (NAR) Pending Home Sales Index, which noted a 7.3 per cent rally from October and a 5.9 per cent increase compared to the same month in 2010.

The index hit 100.1 in November from October's 93.3. In April 2010, a level of 111.5 was recorded in light of the home buyer tax credit coming to an end.

Commenting on the results, NAR chief economist Lawrence Yun said: "November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead."

It was recently revealed by NAR that existing property sales in the US had also risen in November on the previous month, up by four per cent. This marked a 12.2 per cent hike on the same period in 2010.

Like this? Then share with your friends and colleagues!