Pending sales up 7.4 percent

The index of pending sales for existing homes, an index that forecasts near-term sales, rose 7.4 percent to 94.3 percent in August, from 87 percent in July, according to the National Assocation of Realtors. Home sales are considered pending when the seller has accepted an offer but the deal has not yet closed. An economist had predicted the August index would fall to 84.9 percent.