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Pending Home Sales Up

The Pending Home Sale Index, a forward looking National indicator rose in November for the third straight month and reached the highest level in two and a half years according to the National Association of Realtors (NAR).

The Pending Home Sale Index, a forward looking National indicator rose in November for the third straight month and reached the highest level in two and a half years according to the National Association of Realtors (NAR). The index is 9.8% above November of last year. The data reflects homes under contract waiting to close. Except for several months affected by the incentive tax stimulus programs of 2010 this level is the highest since February of 2007. Lawrence Yun, NAR chief economist said home sales are on a sustained uptrend. “Even with market frictions related to the mortgage process, home contracts activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.” The momentum means, nationally, existing home sales should rise 8-9% in 2012 following a 10% gain expected for all of 2012. The medium home price is projected to rise just over 4% in 2013 after rising more than 7% in 2012. November single family home sales for Penobscot County rose an unprecedented 47% to 210 sales with an average selling price of $133,300.

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