(NAR) The US pending home sales reached 119.5 in August, a jump of 8.1% from July. The sales were down by 8.3% from the comparable month of 2020.
The surge in pending home sales was fueled by rising inventory and moderating prices which attracted buyers into the market.
Northeast posted a 4.6% monthly increase in home sales to an index of 96.2 in August, which is 15.8% below a year ago. The index was up 10.4% in the Midwest to reach 115.4, but down 5.9% from last year.
In the South, pending home sales rose at a monthly rate of 8.6% to an index of 141.8 but was down by 6.3% from the prior year. The index increased by 7.2% to 107.0 in the West but was 9.2% below the prior year.
NAR’s chief economist Lawrence Yun says affordability is still an issue, with home price increases about three times the rate of wage expansion.
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