NAR`s Index of Pending Home Sales Unexpectedly Climbs
Following a sharp drop in the months immediately after the homebuyer tax credit expired, the National Association of Realtors' gauge for future sales of previously owned homes has risen.
NAR reported Thursday that its Pending Home Sales Index, based on contracts signed in July, increased 5.2 percent from last month's reading. The month-to-month jump was an unexpected development, and some analysts say it may be a sign that the post-tax credit lull in home sales will soon come to an end.