Pending sales rise for 7th straight month

Pending home sales rose rose 6.4 percent from July to August, to the highest level in more than two years, the National Association of Realtors said.

August marked the seventh straight month of increases in NAR's pending home sales index. But there has likely been some double-counting in recent months because some buyers who were under contract but failed to close have signed new contracts to buy, said Lawrence Yun, NAR chief economist.

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