Pending Home Sales Increase in November

Washington, DC, Jan. 2, 2015 -- Pending home sales rose 0.8% in November, the National Association of Realtors reported.

NAR's index of pending home sales hit a seasonally adjusted 104.8 in November, compared with 104 in October.

"The consistent economic growth and steady hiring we've seen the second half of this year is giving buyers enough assurance to consider purchasing a home before year's end," said Lawrence Yun, NAR's chief economist.

"With rents now rising at a seven-year high, historically low rates and moderating price growth are likely to entice more buyers to enter the market in upcoming months."