Why Is Now the Time to Buy a House? Others Are
Homebuyers -- investors and homeowners alike -- appear to have rushed back into the market in October, adding fuel to the fiery competition that has seen home prices soar to record levels and beyond in many U.S. markets.
The National Association of Realtors (NAR) said on Nov. 29 that one of its key leading indicators -- its Pending Home Sales Index (PHSI) -- rose 7.5% in October, reversing a September dip.
"Pending home sales" means a contract has been signed but the transaction hasn't closed. The NAR says its PHSI now stands at 125.2, with 100 equaling the level of contract activity in 2001. Signings were still down 1.4% from October 2020, but the sudden jump is deemed significant.
Source Fool.com
