The National Association of Realtors announced this week that pending home sales rose 7.4 percent from July to August, an unexpected piece of positive news for the battered U.S. housing market. NAR said Wednesday its seasonally adjusted index of pending sales for existing homes rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007.
Although it is not entirely clear how the financial problems facing the U.S. and world will affect the housing market, the index of pending sales which bottomed out in March of this year, has been steadily increasing. Since prices have not started back up it would seem that we are thinning the inventory, which if the sales trends continue upward, should cause prices to stabalize.
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