Pending home sales higher in December

NAR projects existing-home sales will rise 9% in 2010

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Pending home sales in December showed signs of recovering from a slump the month before, according to a report by the National Association of Realtors released Tuesday.

The association also adjusted its economic outlook for 2010 and 2011, and projects that existing-home sales will rise from 5.19 million in 2009 to 5.66 million in 2010 and 5.7 million in 2011.

Based on contracts homebuyers signed but not yet closed in December, the association’s Pending Home Sales Index increased 1 percent, to 96.6 from 95.6 in November, and rose 10.9 percent from December 2008, when the index was 87.1.