More Americans sign contracts to buy homes in August

SILVER SPRING, MD (AP) — More Americans signed contracts to buy homes in August, suggesting the hot U.S. housing market will continue well into fall.

The National Association of Realtors said Wednesday that its index of pending sales rose 8.8% to a record high of 132.8.

An index of 100 represents the level of contract activity in 2001.

It had sunk to a low of 69 in April, when buyers and sellers were sidelined as the coronavirus swept through the U.S.

Contract signings are a barometer of finalized purchases over the next two months, so this month’s numbers point to continued strong sales into October.