U.S. pending home sales jump 1.6% in August on low mortgage rates

The nation’s low interest rate environment spurred an increase in pending home sales in August, as the index rose 1.6%, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased to 107.3 in August, rising from July’s 105.6. Contract signings compared to a year earlier climbed 2.5% from last month’s increase, NAR said.