U.S. Pending Home Sales Rise Modestly In September [View all]
Oct 25 (Reuters) - Contracts to buy previously owned U.S. homes rose far less than expected in September, an industry group said on Thursday, but the data continued to point to an improving tone in the housing market.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in September, gained 0.3 percent to 99.5.
Economists polled by Reuters had expected signed contracts, which become sales after a month or two, to rise 2.1 percent after declining 2.6 percent in August.
"This means only minor movement is likely in near-term existing home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013," said NAR chief economist Lawrence Yun.