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Economic Report: Pending home sales snap back in September after 4-month losing streak

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Sold sign on a suburban home

The numbers: U.S. pending home sales edged up 0.5% to a reading of 104.6 in September from 104.1 in August, the National Association of Realtors said Thursday. The consensus forecast among economists surveyed by Econoday was for no change.

What happened: NAR’s index, which tracks real estate contract signings, snapped a four-month losing streak. But it was lower than year-ago levels for the ninth month in a row, this time by 1.0%.

Contract signings usually precede closings by about 45 days, so the pending home sales release is considered a leading indicator for the existing-home sales report.

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