Pending Sales of Homes Up 7.4 Percent, Highest in 13 Months

Toledo Blade (OH) (10/09/08)
The beleaguered housing market received a piece of sorely needed good news, as the National Association of Realtors reported an unexpected jump in pending home sales in August compared to July. The group's monthly index reading of 93.4--the highest number in more than a year--was up 7.4 percent from July and up 8.8 percent from August 2007. Pending sales, which refer to home contracts that have not yet closed, typically result in a sale one to two months later. The numbers were higher across the United States, with the West posting a gain of 18.4 percent, the Northeast settling 8.4 percent higher, the Midwest weighing in 3.6 percent higher and the South up 2.3 percent.