Pending home sales rise in November

Pending home sales rose again in November, part of a broad trend in recent months that could point to a gradual recovery in 2011, the National Association of Realtors' chief economist said.

NAR's Pending Home Sales Index rose 3.5 percent from October to November, but remained 5 percent below its level a year ago. That compares with a 20.7 percent year-over-year drop in October.

The index is a forward-looking indicator, reflecting contracts rather than closings, which normally occur one or two months later. An index score of 100 is the average level of contract activity in 2001, the first year that index data was collected.

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