Pending sales of existing home sales have unexpectedly increased to to highest level in 3.5 years.
The National Association of Realtors said that its pending home sales index has also risen at a rate of 3.7%. This will be the ninth month in a row that the index has shown an increase. The Association also reports that they have not seen consecutive increases of this nature since 2001. Experts predicted that existing home sales would decrease .8%.
“The [tax] credit is helping unleash a pent-up demand from a large pool of financially qualified renters,” said NAR economist, Lawrence Yun.