More Americans sign contracts to buy homes in July

SILVER SPRING, MD (AP) — More Americans signed contracts to buy homes in July, a sign that the hot housing market should continue into the fall season.

The National Association of Realtors said Thursday that its index of pending sales rose 5.9%, to 122.1 in July.

It had plunged to a low of 69 in April, when buyers and sellers were forced to the sidelines by coronavirus-related closures and restrictions.

The contract signings are a barometer of finalized purchases over the next two months, meaning this month’s pending home sales report suggests continued strength in the housing market into August and September.