Signed contracts for U.S. home re-sales rose to a nearly two-year high in January, an industry group reported Monday, providing further evidence of a nascent recovery in the dismal housing market. The National Association of Realtors (NAR) said its index of pending home sales increased 2 percent last month to 97.0, the highest reading since April 2010. Signed contracts lead existing-home sales by one or two months. A likely recovery is underway in the housing market, with the supply of both new and previously owned homes on the market declining in recent months. But with foreclosure activity still high and continuing to depress prices, a full recovery will take years.
