Pending home sales are exceeding pre-pandemic levels and defying forecasts.
August marked the fourth consecutive month of escalating sales contract activity.
NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—increased 8.8% in August to a record high of 132.8. (An index reading of 100 is equal to the level of contract activity in 2001.)
Contract signings are now 24.2% higher than a year ago.
Source: National Association of Realtors
