The National Association of REALTORS® (NAR) released its latest pending home sales index figure last week, and for the second month in a row the index is up. More than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to this level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus. It is also worthy to note that pending home sales have reached their highest level in 19 months according to NAR.
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