Pending home sales nationwide increased for the second straight month but they remain lower than a year ago, according to NAR's Pending Home Sale Index. Pending sales rose 4.3 percent based on contracts signed in August, but they were 20.1 percent below the index posted in August 2009.
The latest data is consistent with the expected gradual improvement in home sales in the coming months. Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market. However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.
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