NAR: Pending home sales continue rise

Home sales nationwide may slowly be picking up, as the National Association of Realtors says its Pending Home Sales Index has risen for the second straight month.

The index jumped 3.5 percent from October to November, showing an increase in signed home contracts, which generally lead the actual sales by one to two months. Analysts said the report was another positive indicator, despite trailing its year-ago levels by 5 percent.

"All the indicator trends are pointing to a gradual housing recovery," said Lawrence Yun, NAR chief economist. "Home price prospects will vary depending largely upon local job market conditions. The national median home price, however, is expected to remain stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy homebuyers."

The strongest growth in pending sales was seen in the West region of the country, where sales increased by 18.2 percent over the month.

The Houston real estate market has fared relatively well in recent months, due partially to lower-than-average unemployment numbers. According to the Texas Workforce Commission, the city added more than 10,000 jobs in November even though the jobless rate increased to 8.6 percent.