Home Sales on Record Roll

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, NAR says. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008. "The recovery is broad-based across many parts of the country," says NAR Chief Economist Lawrence Yun. "Housing affordability has been at record highs this year with the added stimulus of the first-time buyer tax credit."