Washington, D.C. -- Pending home sales grew in September, marking two consecutive months of increases, according to the National Association of Realtors (NAR). The four major regions were split last month, as the Midwest and South recorded gains, but the Northeast and West reported declines in month-over-month contract activity.
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 1.5% to 108.7 in September. Year-over-year contract signings jumped 3.9%. An index of 100 is equal to the level of contract activity in 2001.