After seeing a decline in July, pending home sales had a 1.6% increase in August, the National Association of Realtors (NAR) reported.
Contract signings were up 2.5% compared with August 2018.
“It is very encouraging that buyers are responding to exceptionally low interest rates,” NAR Chief Economist Lawrence Yun stated. “The notable slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply.”
Pending home sales grew 3.1% in the West in August. Sales also increased in the Northeast, Midwest and South by 1.4%, 0.6% and 1.4%, respectively.
The full NAR report can be found here.
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