Contract signings on existing homes rise 6.4%

The number of existing home sales rose 6.4 percent in August, according to data from the National Association of Realtors. The gain follows a 3.2 percent increase in July, marking seven consecutive months of increases in contract signings for existing homes. Many experts, meanwhile, had anticipated a more moderate rise in the number of contract signings, according to Bloomberg. Gary Thayer, a macro strategist with Wells Fargo Advisors, said that the figures suggest significant stabilization of the housing market. “We are in a recovery,” Thayer said. “There were a lot of people who were on the fence. Prices are firming up and people are getting back into the market.”