Pending home sales increased 8.8% in August to a record-high level of 132.8 on the Pending Home Sales Index, the National Association of Realtors reports. Year-over-year, pending home sales increased 24.2%.
“Tremendously low mortgage rates–below 3%–have again helped pending home sales climb in August,” NAR’s Chief Economist Lawrence Yun said in a statement. “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.”
All four regions recorded contract signing increases during the month, rising 4.3% in the Northeast, 8.6% in the Midwest, 8.6% in the South and 13.1% in the West.
The full NAR report can be found here.
