Pending US Home Sales Jump to Highest Level in Five Months

Pending sales of US existing homes rose in August to the highest level in five months, as falling mortgage rates gave a much-needed lift to the sluggish housing market.

An index of contract signings increased 4% last month to 74.7, according to National Association of Realtors data out Monday. The gain exceeded all estimates of economists surveyed by Bloomberg. During the hot housing market of the pandemic era, the index was well above 100.