My brother has been shopping for a condo for longer than he hasn’t been shopping for one. Seriously, the guy has made it through a real estate boom and bust and now a potential recovery by both participating and sitting on the sidelines all at the same time.

Not that I blame him, buying a property at the wrong time is a financial kick in the shins. And it’s that fear that has everyone asking “What’s going to happen next?”

If you believe this month’s pending home sales index from the National Association of Realtors, it’s that prices have gone to the basement and may now be making their way out of the dark and damp levels of last year. Pending sales are rising and generally when that happens, prices follow a few months later. That’s because they measure the number of homes that are under contract but have not yet closed – sort of a behind the scenes peek at housing activity. Yesterday, in fact, the Realtor Economists reported that index has risen for seven straight months – the longest continued ramp up since they started counting these contracts in 2001.

And while the news is encouraging, we’ll have to take it in stride. That’s because a portion of those deals may not close.