Pending Home Sales Soar 8.8% in August
The National Association of Realtors is reporting that pending home sales jumped 8.8% in August—marking four consecutive months of increases! The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) rose to 132.8 with every major region experiencing an increase in month-over-month contract activity. In addition, they reported that year-over-year contract signings were up 24.2%.
“While I did very much expect the housing sector to be stable during the pandemic-induced economic shutdowns, I am pleasantly surprised to see the industry bounce back so strongly and so quickly.” Said Lawrence Yun, NAR’s chief economist.