Still More Data Supporting the Robust Third Quarter Rebound

This morning, there was yet another indication from the National Association of Realtors that the housing market is booming. Pending sales, (contract signings to buy existing homes) rose +8.8% in August, far exceeding the +3.1% forecast. Signings had slowed dramatically during the spring shutdown, with more than -20% declines in both March and April. After reaching an all-time low, contract signings have since risen sharply over four straight months and are now at their highest level since data collection began two decades ago

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