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Summer Housing Boom Not Quite Done Yet; Much Calmer Day For Rates

Summer Housing Boom Not Quite Done Yet; Much Calmer Day For Rates

Pending home sales resumed their upward trajectory in August after declining 2.5 percent in July, making for positive results in three of the last four months. It was also the third winning sales report this month after solid existing and new home sales . The National Association of Realtors'® (NAR's) Pending Home Sales Index is a leading indicator of existing home sales based on signed contracts to purchase those homes. It rose 1.6 percent to 107.3 in August from a July reading of 105.6. This puts pending sales 2.5 percent higher than in the previous August. The number was at the high end of analysts projections. Those polled by Econoday had expected pending sales to be anywhere from flat compared to July to a 1.8 percent gain. The consensus was an increase of 0.6 percent. The index rose
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