Tuesday, October 14, 2008

Pending Home Sales Jump in August

Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, NAR's forward looking Pending Home Sales Index shows. The Index jumped 7.4 percent in August to 93.4 from an upwardly revised reading of 87.0 in July. The latest Index number is 8.8 percent higher than August 2007, when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” says NAR Chief Economist Lawrence Yun.

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