Week after week, the economic signs pointing to a recovery underway in the home real estate market just get stronger. Here’s the rundown:

Pending home sales took a 3.2 percent jump last month — the second straight month of positive growth. These are signed home sale contracts that haven’t yet gone to closing, but are scheduled to do so in the next 60 to 90 days.

Lawrence Yun, chief economist for the National Association of Realtors, said we’re now at “the leading edge of first time buyers responding to very favorable affordability conditions, and an $8,000 tax credit.”

Mortgage applications for future home purchases also surged again, up five percent nationwide last month, according to the Mortgage Bankers Association. Rates are firming up in response to the rising demand for mortgage money. They rose last week on average to 4.8 percent for 30 year fixed rate loans and 4.6 percent for 15 year mortgages Those rates are still close to all-time record lows.

The affordability index also continues to hover near its all time best. According to the National Association of Home Builders, the median income American family, earning $61,000 a year, can now afford to buy a $290,000 home with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest, thanks to low financing rates.

Equally important, consumer psychology is turning positive on housing, something potentially huge for anyone looking to sell property. When the Gallup polling organization asked a national sample of Americans last month whether this is a “good time to buy a house,” 71 percent said “yes.” That’s an increase of 18 percent in a year, and the highest level in four years.

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