Home sales rise
Published October 8, 2008 by CSBJ Staff
The National Association of Realtors reported this morning that pending home sales rose 7.4 percent from July to August, an unexpected piece of positive news for the nation’s battered housing market.
The group said its seasonally adjusted index of pending sales for existing homes rose from a revised July reading of 87 to 93.4. The reading was the highest since June 2007.
CNN Money sources said Wall Street economists surveyed by Thomson/IFR had predicted the index would fall to 84.9.
The index, which sunk to a record low of 83 during March, stood at 85.8 during August 2007.
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