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NAR: Contracts for pending sales up in August

Monday, October 4, 2010

Pending home sales increased in August.
Pending home sales increased in August.

The housing market showed a sign of improvement in August, which may lead construction equipment users to feel a bit more confident.

Pending home sales increased 4.3 percent in August over July's levels, according to a report from the National Association of Realtors. However, the number of contracts signed is still 20.1 percent below what was seen during that time last year.

NAR chief economist Lawrence Yun said the results posted in the Pending Home Sales Index are in line with the housing market showing gradual improvement in the next few months.

"Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market," Yun said.

Still, Yun also pointed out that any marked increase in home sales would depend on job availability, which should help with consumer confidence. He also said a jump in mortgage rates could reduce the market's recovery.

Increasing costs for those using construction equipment may also put a dent in home sales, as they are leading to worries about inflation.

Meanwhile, foreclosures also saw an increase in August, which could continue to help keep prices down. However, this may dissuade people from purchasing new construction.

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