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- U.S. pending home sales rise more than expected in August
U.S. pending home sales rise more than expected in August
The National
Association of Realtors (NAR) announced on Thursday its seasonally adjusted
pending home sales index (PHSI) rose 1.6 percent m-o-m to 107.3 in August,
after a 2.5 percent m-o-m drop in July.
Economists had
expected pending home sales to increase 0.9 percent m-o-m in August.
On y-o-y basis,
the index increased 2.5 percent.
According to
the report, the pending home sales grew in all four regions in m-o-m terms The
PHSI in the Northeast jumped 1.4 percent m-o-m to 94.3 in August and is now 0.7
percent higher than a year ago. In the Midwest, the index went up 0.6 percent
m-o-m to 101.7, 0.2 percent higher than August 2018. Pending home sales in the
South climbed 1.4 percent m-o-m to an index of 124.4, a 1.8 percent advance from last August. The index in the West surged 3.1 percent m-o-m to 96.4, up
8.0 percent from a year ago.
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