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National pendings increase 11 percent in August

Thursday, October 04, 2012  
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The nation's pending home sales is 10.7 percent above August 2011, according to the National Association of REALTORS®.

"The index shows 16 consecutive months of year-over-year increases, and that has translated into a higher number of closed sales, says Lawrence Yun, NAR chief economist. "Year-to-date existing-home sales are 9 percent above the same period last year, but sales were relatively flat from 2008 through 2011," Yun adds.

Existing-home sales this year are expected to rise 9 percent to 4.64 million, and gain another 8 percent in 2013 to nearly 5.02 million. With generally balanced inventory conditions in many areas, the median existing-home price is projected to rise about 5 percent in both 2012 and 2013.

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