Pending home sales rose sharply in August to their highest level in five months, signaling renewed momentum in the housing market.
The National Association of Realtors said Monday its Pending Home Sales Index increased 4.0 percent to 74.7 from July. Economists had expected a 0.7 percent rise, and the gain exceeded even the mosts optimistic forecasts. Compared with a year earlier, contract signings were up 3.8 percent.
The index, which tracks signed contracts on previously owned homes, is a forward-looking measure of housing demand because transactions typically close within one to two months. During the pandemic housing boom, the index was…
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