According to the National Association of Realtors, pending home sales in the U.S. shifted higher in September 2016 following August's notable dip and are now at their fifth highest level over the past year. Increases in the South and West outgained declines in the Northeast and Midwest.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, grew 1.5 percent to 110.0 in September from a slight downward revision of 108.4 in August. With last month's gain, the index is now 2.4 percent higher than last September (107.4) and has now risen year-over-year for 22 of the last 25 months.
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