Pending Home Sales Rise 7.4%

By THE ASSOCIATED PRESS
Published: October 8, 2008

WASHINGTON (AP) — Pending home sales rose 7.4 percent from July to August, an industry group said Wednesday in an unexpected piece of positive news for the battered housing market.

The group, the National Association of Realtors, said 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.

Wall Street economists surveyed by Thomson IFR had predicted the index would fall to 84.9.

Source: AP via New York Times. View Article.

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