Pending home sales rise slightly in September

The level of pending home sales improved last month when compared with both August and September 2011's figures.

The level of pending home sales improved last month when compared with both August and September 2011's figures.

Overall, the Pending Home Sales Index rose 0.3 percent during the month, to 99.5 when compared to August, according to the National Association of Realtors. Additionally, real estate records showed the latest figure was more than 14 percent higher than the level seen in September 2011. This was the 17th month in a row in which the index improved compared to one year earlier.

"Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range," said Lawrence Yun, chief economist for the NAR. "This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013."

Property data from the NAR also showed existing-home sales rose 11 percent in September compared to 12 months earlier. However, last month's level was still more than 1.5 percent lower than the rate of sales recorded in August.



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