U.S. Pending Home Sales Rise Slightly in August

Pending sales of existing U.S. homes rose 0.3% in August to an index of 71.2, according to data released Thursday by the National Association of Realtors. This increase marks the first rise in pending sales since May and exceeded economist expectations of a 0.1% decline.

Despite the uptick, the market remains sluggish, with pending sales nearly 5% lower than they were a year ago. High mortgage rates continue to suppress overall demand, though some buyers are entering contracts despite the rising costs. Regional results were mixed, as the South and West saw increases while the Midwest and Northeast experienced declines.

Chief Economist Lawrence Yun noted that while buyers steadily entered contracts in August, the broader housing market shows little evidence of a full recovery, with contract signings remaining below previous year levels.