Pending home sales in the U.S. increased 7.4% from July to August, according to the National Association of Realtors. Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one- to two-month lag before a sale is completed.
The Association said that sales are picking up in places that have seen the most severe declines in housing prices — including California, Florida, Nevada, and Arizona, plus Rhode Island and the Washington, D.C. area, said Lawrence Yun, the trade group's chief economist. Still, Yun does not expect home prices to rebound until next year and only expects a modest gain of 2 to 3% in 2009.
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