The NAR index jumped 8.1% in August from July, to 119.7 points, where analysts had expected a rise of just 1%.
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Promises of home sales rebounded sharply in August in the United States after two months of decline, said Wednesday the National Federation of Realtors (NAR).
The index measuring signings of sales pledges jumped 8.1% in August from July, to 119.7 points, where analysts had expected an increase of only 1%.
However, sales promises are down 8.3% from their August 2020 level.
The index 100 corresponds to the 2001 level.
“A rise in inventories and slightly lower prices are bringing buyers back to the market,” said Lawrence Yun, chief economist of NAR, quoted in the statement.
“Access to the market remains difficult, however, because real estate price increases are about three times higher than wage increases,” Yun said.
According to the Case-Shiller Home Price Index released on Tuesday, US house prices rose nearly 20% in July from a year ago and peaked in 2021.
Promises to sell have increased the most in American states where the price per square meter is less expensive than elsewhere.
“The relatively cheaper southern and midwestern regions have more promises to sell, which is not surprising,” said Yun.
“This can be attributed to the fact that some employees who have the opportunity to work anywhere choose to live in more affordable places,” he said.
Promises to sell jumped 10.4% in the Midwest and 8.6% in the southern states.
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