Contracts for purchasing existing homes increased in November, according to the National Association of Realtors. The increase proved to break a five-month negative streak in the real estate industry and realtors expect to see growth in home sales throughout 2014.
Despite a 1.6% decrease from November 2012, pending home sales are still 0.2% higher than in October. Many economists predicted a rise in contracts during the month of November by 1%. Interestingly, the National Association of Realtors expected 2013 to be the best year for home sales compared to the previous seven years.
At the end of 2013, total existing home sales are expected to increase 10%, which is anticipated for 2014 as well. Overall, national median existing home prices rose by 12% this year and in 2014, prices are expected to increase 5% to 5.5%.