An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years, a tracking firm reported Thursday. The National Association of Realtors (NAR) said its pending home sales index rose 5.2 percent to 104.8 in October. Excluding a few months when the index jumped because of a homebuyer tax credit, that is the highest level since March 2007. Contract signings typically indicate where the housing market is headed. There is generally a one- to two-month lag between a signed contract and a completed sale.
