- The National Association of Realtors’ Pending Home Sales Index surged 8.8% last month to an all-time high of 132.8, signaling the US housing market’s rally continued into the fall.
- Economists surveyed by Bloomberg expected an increase of 3.1%.
- The reading is the fourth-straight climb for the index. All four major US regions notched growth in August, with the West seeing the biggest improvement.
- The pace of home sales rocketed through the summer as Americans leveraged record-low mortgage rates. The sector has served as a rare bright spot in the pandemic-rattled economy.
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Record-low mortgage rates drove home sales