NAR’s Pending Home Sales Index (PHSI) declined 16 percent to 96 in November from 114.3 in October, and is 15.5 percent higher than November 2008’s 83.1 index reading.  Pending home sales have risen 10 consecutive months.  Although the index declined 2.7 percent to 124.6 in the West, which includes California, it is 21.4 percent higher than November 2008.
“It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” said Lawrence Yun, NAR chief economist.  “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”