Unforeseen positive news for the battered
On Wednesday the seasonally adjusted index of pending new home sales rose to 93.4 from an upwardly revised July reading of 87. The reading was the highest since June 2007, said The National Association of Realtors.
A pending home sale is when the seller has accepted an offer, but the deal has not yet closed. Usually there is a one to two month wait before a sale is completed.
Wall Street economists had predicted the index would fall to 84.9.
The index sunk to a record low of 83 in March and stood at 85.8 in August 2007.
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