As news continues to come in that the economic recovery may not be as strong as was predicted, August posted an impressive gain of 6.4 percent in pending home sales throughout the nation which was the seventh consecutive month of gains. Augusts' numbers were the highest since March 2007.
In a report released by the National Association of Realtors it was indicated in their pending home sales index, which is based on signed mortgage contracts, August was up 6.4 percent to 103.8. That is the most consecutive month-to-month gain since tracking began in 2001.
July's readings were 97.6 which was 12.4 percent higher that August 2008's level of 104.5.
This rise in pending home sales indicates that buyers are returning to the housing market and are signing contracts to purchase homes. Unfortunately, not all the deals are closing because of severe delays in short sales transactions that are often very complicated particularly regarding new complex appraisal rules that have recently been implemented.