Pending home sales up nationwide

A forward-looking indicator based on pending sales of existing homes suggests the market may stabilize in the months ahead, the National Association of Realtors reported today.

Although the Pending Home Sales Index, based on contracts signed in June, was still 8.6 percent lower than a year ago, it rose 5 percent to 102.4 from the downwardly revised May index of 97.5. This is the largest monthly gain in more than three years, since a 6.1 percent increase in March 2004, according to NAR.

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