The National Association of REALTORS® (NAR) reported today pending home sales have increased for seven straight months. According to NAR, the Pending Home Sales Index (based on contracts signed in August) “rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.”

NAR economist Lawrence Yun says the rise in pending home sales shows buyers returning to the market  but deals are not always closing due to delays from short sales and the new appraisal rules.