The National Association of REALTORS (NAR) reported pending home sales rose in July to the highest level in more than two years and remain well above year-ago levels.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, rose 2.4 percent to 101.7, up from 99.3 in June. In the Northeast, the index increased 0.5 percent in July and is 13.4 percent higher than a year ago.