Pending home sales increase even as rates inch towards record highs

The National Association of Realtors’ index of pending home sales increased 0.7% from last month to 99.9 according to newly released data, where an index of 100 is equal to the level of contract activity in 2001. This contrasts with the median forecast of a 4% drop made by economists in a Bloomberg survey, and marks the first rise in sales recorded in seven months.

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