Pending home sales have increased for the second straight month, according to the National Association of Realtors . The Pending Home Sales Index, which is based on signed contracts, rose 4.3 percent in August but still remains well below 2009 levels.
Lawrence Yun, the NAR chief economist, said low inflation and attractive mortgage rates have contributed to a near record-high housing affordability. But he warned that high commodity prices could have a negative effect on future inflation and mortgage interest rates.
In August, the index rose in every region but the Northeast, where it fell 2.9 percent.