Pending home sales increased by 0.6% in August compared to the previous month with the related index up to 70.6, according to a report by the National Association of Realtors (NAR) on Thursday. Year-on-year, pending home sales were down 3%. The West pending home sales index rose the most on a monthly basis at 3.2%, while the Northeast fell the most at 4.6%.
"A slight upward turn reflects a modest improvement in housing affordability, primarily because mortgage rates descended to 6.5% in August," NAR Chief Economist Lawrence Yun said. “However, contract signings remain near cyclical lows even as home prices keep marching to new record highs."
