Signed contracts to buy existing homes increased 8.1% month to month in August, according to the National Association of Realtors, as buyers encountered higher inventory and slightly more favorable prices.
Analysts were expecting a 1% monthly rise. Signings were still down 8.3% compared with August 2020.
August’s increase followed two months of declines, according to the NAR.
These so-called pending home sales are a future indicator of signed contracts in one to two months.
“Rising inventory and moderating price conditions are bringing buyers back to the market,” said Lawrence Yun, NAR’s chief economist. “Affordability, however, remains challenging as home price gains are roughly three times wage growth.”
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