Pending Home Sales Rise in August
Pending sales of existing U.S. homes unexpectedly jumped in August to the highest level in over a year, data from a real estate trade group showed on Wednesday.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in June, rose 7.4 percent in August to 93.4 from an updwardly revised index of 87.0 in July.
The August reading was 8.8 percent higher than a year earlier, and the highest level since 101.4 in June 2007.
The association's senior economist Lawrence Yun said home buyers responded to improved affordability, with home prices low and mortgage rates down after the government takeover of Fannie Mae and Freddie Mac.
Meanwhile, applications for U.S. residential mortgages climbed last week from the lowest level in a month as home loan rates declined.
Published on October 8, 2008
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