As record-low mortgage rates continue to fuel housing demand, pending home sales increased for a third straight month in July.
The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI rose 5.9% from 115.3 in June to 122.1 in July. On a year-over-year basis, sales were 15.5% higher than a year ago, the largest gain since early 2014.
