Pending home sales up again

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Pending home sales have increased for the second consecutive month, according to the National Association of Realtors® (NAR). The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August. Lawrence Yun, NAR chief economist, says the latest data is consistent with a gradual improvement in home sales in upcoming months.