by Calculated Risk on 10/04/2010 10:06:00 AM

From the NAR: Pending Home Sales Show Another Gain

The Pending Home Sales Index ... rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

July was revised down from 79.4. Tom Lawler forecast an increase of about 4% - right on again.

This suggests some bounce back in existing home sales in September and October, but months-of-supply will probably still be in double digits - putting downward pressure on house prices.