Pending home sales continue recovery

According to the National Association of REALTORS, pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery for 2011. The Pending Home Sales Index rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. Lawrence Yun, NAR chief economist, said historically high housing affordability is boosting sales activity. "In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market," he said. "But further gains are needed to reach normal levels of sales activities." To read the full NAR report, and an interview with Lawrence Yun, click here. C. Rick & Julia McMahon Broker/partners Real Estate Advantage Bemus Point & Jamestown, NY 716-483-3300 or 484-2020 http://www.chautauqualakehomes.com/