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Pending Home Sales Jump to Highest Level Since April 2010

According to TheStreet — Pending home sales rose by 7.3% in November to the highest level since April 2010, according to a National Association of Realtors report.

The index, which measures the number of contracts signed to buy previously owned homes in the U.S., rose to a reading of 100.1 in November from 93.3 in October as homebuyers look to finalize purchases before the homebuyer tax credit expires at the end of the year.

“Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines,” said Lawrence Yun, chief economist with the NAR. “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.”

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