Sales of existing homes pending closing jumped in August to the highest level in more than a year, according to data from the National Association of Realtors. Based on contracts signed in June, the index rose 7.4% in August to 93.4 from 87.0 in July. The August reading was 8.8% higher than a year earlier, and the highest level since 101.4 in June 2007. Home sales are considered pending when the seller has accepted an offer, but has not yet closed on the contract.

Sales are picking up in places that have seen the biggest declines in housing prices, including California, Florida Nevada and Arizona, plus Rhode Island and the Washington, D.C. area. This is good news for Charlotte-area sellers as an increase in home sales nationally will allow those who want to relocate to the area to do so, increasing the number of buyers and bidders in our area.

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