Pending Home Sales Jump 6.4% In August

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Pending home sales increased for the seventh straight month in August, according to a report released by the National Association of Realtors on Thursday, with the pace of growth for the month exceeding economist estimates.

NAR said its pending home sales index rose 6.4 percent to 103.8 in August from a reading of 97.6 in July. With the increase, the index rose to its highest level since March of 2007. Economists had been expecting a much more modest increase by the index of about 1.0 percent.

Pending home sales increased for the seventh straight month in August, according to a report released by the National Association of Realtors on Thursday, with the pace of growth for the month exceeding economist estimates. (Market News Provided by RTTNews)