WASHINGTON – Pending home sales rose 7.4 percent from July to August, an unexpected piece of positive news for the battered U.S. housing market.
The National Association of Realtors said yesterday that its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007.
Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one-to two-month lag before a sale is completed.
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