The number of pending contracts for home sales rose 10 percent in October to their highest level in almost a year, says Meg Handley on US News.com.

This is an encouraging sign, says Handley, "that pent up consumer demand building over the past several years could finally translate into meaningful improvement for the housing market."

Pending sales does not always mean closing sales, however.  Contracts that have been cancelled rose to 33 percent in October, primarily due to declined mortgage applications.

"Still, experts hope the uptick in pending home sales," writes Handley, "means consumers are finally taking advantage of the excellent affordability conditions in the housing market today."

Read the full story at US News.

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Posted in Real Estate Investing, National News

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