Pending home sales rose for the eighth straight month in September, according to the National Association of Realtors.
NAR said Monday that pending home sales rose 6.1 percent to 110.1 from 103.8 in August. It was the largest annual increase on record and marked the longest streak of gains since the measurement began in 2001. It was also the highest level in nearly three years.
"What we're witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month," says NAR Chief Economist Lawrence Yun. "Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery."
The index surged a record 21.2 percent in September from the same period a year-ago.
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