Business News - Pending home sales rose in August

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Pending home sales rose in August

WASHINGTON (UPI) -- Pending U.S. home sales rose for the eighth consecutive month in August with gains made across the country, the National Association of Realtors said Monday.

Pending home sales, representing contracts signed for home purchases rose 6.4 percent with the index reaching 103.8 after a reading of 97.6 in July. The pending sales index also rose from a year earlier, up 12.4 percent from August 2008.

"No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month," said NAR Chief Economist Lawrence Yun.

The NAR has been lobbying for an extension of the tax credit.

The August figures are "very positive" and broad-based, Yun said.

The Northwest region showed a gain of 8.2 percent, while pending sales rose 3.1 percent in the Midwest. In the South, the index rose 0.8 percent. In the West, the index rose 16 percent.

"This is a very broad-based recovery. The number of people who want to come into the market (showed a) significant jump," he said.

Copyright 2009 by United Press International

This news arrived on: 11/02/2009

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