The annual rate at which contracts for a home purchase were drawn increased 6.9 percent from one year ago.
This week, there is little on the U.S. economic calendar, save for Friday’s Non-Farm Payrolls report. Wall Street is expecting to see 80,000 net new jobs created in November, and a rise in the national Unemployment Rate to 8.0%.
Home value rose to close out the summer, according to the S&P/Case-Shiller Index, an oft-cited home-valuation tracker.
For the third straight week, mortgage rates improved. This week’s jobs report threatens those gains, however.
According to the Standard & Poor’s Case-Shiller Index, home prices rose 6.9% between the first and second quarter of 2012, the largest quarter-to-quarter gain since the home-value tracker’s 1987 inception.
In July, the third time this year, the Pending Home Sales Index crossed its benchmark value of 100, moving to 101.7.
According to the Federal Home Finance Agency’s Home Price Index, home prices rose by a seasonally-adjusted 0.7 percent between May and June 2012. The index is now up 3.0% over the past 12 months, and made its biggest quarterly gain since 2005 last quarter.
The Pending Home Sales Index is on a 14-month winning streak.
Home resales slipped more than 5 percent last month, putting a damper recent housing market enthusiasm.
In May, for the second time in 3 months, the Pending Home Sales Index crossed the 100 barrier.