PENDING HOME SALES UP 7.4 PERCENT IN AUGUST

PENDING HOME SALES UP 7.4 PERCENT IN AUGUST
Pending home sales based on signed contracts rose 7.4 percent from July to August, the highest reading since June 2007, according to NAR's Pending Home Sales Index released today. The Index jumped to 93.4 from an upwardly revised reading of 87 in July, an 8.8 percent increase from August 2007 when it stood at 85.8.

"What we're seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island, and the Washington, D.C., region," said Lawrence Yun, NAR chief economist. "It's unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we're hopeful most of the increase will translate into closed existing-home sales."