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by CareyBot

Pending home sales reached the third highest level on record in June, the National Association of Realtors announced this week. The trade group's Pending Home Sales Index rose 0.6 percent in June to a reading of 126.3, which is 3.6 percent higher than June 2004. The index is based on pending sales of existing homes, including single-family and condos. A sale is pending when the contract has been signed but the transaction has not closed. Pending home sales typically close within one or two months of signing, the association reported. An index of 100 is equal to the average level of contract activity during 2001, the first year to be analyzed and the first of four consecutive record years for existing-home sales. Sales in 2001 are fairly close to the higher level of home sales expected...