NAR’s Pending Home Sales Index (which measures contracts, but not closings) was up 5.8 percent in August from the year before, marking 28 months of annual increases. (It was down from July, but that’s typical — sales taper off after summer.)
For whatever reason, NAR is playing the “glass half empty” card, focusing on the monthly changes. But as we’ve said before, in a cyclical business like real estate, those don’t matter nearly as much as year-to-year figures.
NAR also expects total existing-home sales to be up about 11 percent in 2013 compared to 2012.