Pending home sales rose by 4.0% in August from the previous month and 3.8% year-over-year, per the National Association of REALTORS®. The Midwest, South, and West saw increases in pending sales, while the Northeast declined. The REALTORS® Confidence Index survey shows an increase in buyer traffic and a decrease in seller traffic. NAR Chief Economist Lawrence Yun attributes the rise in sales to lower mortgage rates and high affordability in the Midwest. The Pending Home Sales Index, a leading housing sector indicator, is based on pending contracts and predicts upcoming sales closings.

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