The National Association of Realtors (NAR) has announced its pending home sales index for August.
Accordingly, the index of pending home sales in the USA increased by 8.1 percent on a monthly basis in August and rose to 119.5.
The market expectation for the recovery data in this period was for an increase of 1.4 percent. After the decline in the previous 2 months, pending housing sales, which reached the peak of 7 months in August, decreased by 2 percent on a monthly basis in July.
Sales fell 8.3 percent year-on-year in August.
NAR Chief Economist Lawrence Yun, whose views were included in the statement, stated that increasing housing inventory and moderate price conditions are bringing buyers back to the market.
Pointing out that purchasing ability continues to be challenging as house prices increase, Yun emphasized that the imbalance in the market is unsustainable in the long run.
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