According to the National Association of Realtors, pending home sales surged recently as buyers took advantage of affordable home prices and lower interest rates. The Pending Home Sales Index 1, a well respected indicator based on contracts signed during a certain period of time, jumped 7.4 percent in August to 93.4. The index showed the highest level since June 2007 when it was 101.4. The highest jump in pending contracts was seen in California, Nevada, Arizona, Florida, Rhode Island and Washington, D.C.
It looks like interest rates are beginning to creep skyward again which should give those buyers playing the fence an extra incentive to put their dream home under contract sooner rather than later.