RTTNews - Pending home sales increased by much more than expected in the month of July, according to a report released by the National Association of Realtors on Tuesday, with pending sales increasing for the sixth consecutive month.

NAR said its pending home sales index rose 3.2 percent to 97.6 in July from a reading of 94.6 in June. With the increase, which exceeded economist estimates of 1.5 percent growth, the index rose to its highest level since June of 2007.

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