The U.S. housing sector is on a roll, with an increasing number of Americans leveraging on the record-low mortgage rates. The latest pending home sales data for August reached the highest level on record as more Americans signed contracts to buy homes in the month, suggesting that the hot U.S. housing market will maintain the strong spell well into fall.
All-Time High Pending Home Sales
The National Association of Realtors or NAR’s Pending Home Sales Index — a forward looking indicator of home sales based on contact signing — soared 8.8% from July to 132.8 in August, hitting a record high, according to the NAR survey since January 2001. Contract signings are 24.2% higher from the year-ago period as well.
It is worth mentioning that August marks the fourth consecutive month of gains as well as the third year-over-year rise since the pandemic hit the housing market hard. All four