The National Association of Realtors' (NAR) Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent over June and is 12 percent higher than in July 2008. According to NAR, the index is at its highest level since June 2007. In addition, contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001.
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