Pending home sales for January 2012 were up 2.0% from December 2011. The reading of 97.0 was also the highest reading since April 2010, during the home buyer tax credit. Year-over-year pending home sales were up 8.0%.
Pending home sales is an index that measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes.