Despite remaining below "normal" activity levels, contracts for pending sales of previously owned homes rose faster than expected this past November.
According to the National Association of Realtors Pending Home Sales Index, signed contracts to buy previously owned homes rose 3.5 percent to 92.2 from a downwardly revised 89.1 in October. Economists were expecting a 2 percent gain.
N.A.R.'s chief economist Lawrence Yun said that even though low interest rates and signs that the economy is beginning to help recover home sales, "further gains are needed to reach normal levels of sales activity."