(Dec. 2) The National Association of Realtors reported that the Pending Home Sales Index came in at 114.1 for the month of October, up 31.8% from the October 2008 reading.

That's the biggest year-over-year increase since the NAR launched the index back in 2001. The October number scored another record: nine months in a row of month-over-month increases. The Index rose from 110.0 in September.

The record high remains 115.2, recorded in March 2006.

It's too early to celebrate, according to the economists at the NAR. The weak job market continues to slow the recovery process, according to Lawrence Yun, chief economist for the NAR.

“Still, as inventories continue to decline and balance is gradually restored between buyers and sellers, we should reach self-sustaining housing conditions and firming home prices in most areas around the middle of 2010," he said. "That would mean broad wealth stabilization for the vast number of middle-class families."

The Pending Home Sales Index is a forward-looking indicator based on contracts signed in October.