Pending Home Sales Jump to Year High

pending home sales
pending home sales

WASHINGTON -- The number of Americans who signed contracts to buy homes jumped in October to the highest level in a year. But the gain follows three months of declines and isn't enough to signal a housing recovery.

The National Association of Realtors said Wednesday that its index of sales agreements rose 10.4 percent last month to a reading of 93.3.

A reading of 100 is considered healthy. The last time it was that high was in April 2010, one month before a federal homebuying tax credit expired.