NEW YORK (CNNMoney.com) — More Americans signed sales contracts to buy homes in July than in June, marking the longest streak of monthly increases on record, said a report released Tuesday.
The pending home sales index from the National Association of Realtors rose 3.2% in July after rising by 3.6% in June. That’s 12% higher than July 2008, and it marks the sixth straight increase since record-keeping began in 2001.
The reading far exceeded forecasts of economists surveyed by Briefing.com, who predicted a 1.5% increase.
Signed real estate contracts often take many weeks or months to complete, so they are considered a forward-looking indicator.