Slightly lower unemployment rates, combined with historically low mortgage interest rates, bottom of the market home prices, and higher consumer confidence levels have made home buying more attractive.
It will be interesting to see how this plays out with reports after the election and the dramatic tax changes coming soon.
The National Association of Realtors said that seasonally adjusted pending sales rose 5.2%. Except for a few months when there was a $8,000 home buyer tax credit, this means the index is the highest since March 2007.
There is generally about a 60-day gap between a signed purchase agreement and a closed transaction.