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Pending home sales rise 4.3 percent in August

A real estate agent walks past a Sale Pending sign at a home in Palo Alto, Calif, recently. The number of Americans who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace. (AP Photo/Paul Sakuma)

A real estate agent walks past a Sale Pending sign at a home in Palo Alto, Calif, recently. The number of Americans who signed contracts to buy homes rose in August for the second straight month but remained far below last year's pace. (AP Photo/Paul Sakuma)

By ALAN ZIBEL
AP Real Estate Writer

WASHINGTON (AP) — The number of people who signed contracts to buy homes rose in August for the second straight month but remained far below last year’s pace. The weak economy and fears that prices will fall are keeping many consumers away from the housing market.

According to the National Association of Realtors, its seasonally adjusted index of sales agreements for previously occupied homes rose 4.3 percent to a reading of 82.3. That’s still more than 20 percent below the pace in the same month a year earlier.

Economists surveyed by Thomson Reuters had expected the index would rise to 81.4.

The index provides an early measurement of sales activity because there is usually a one- to two-month lag between a sales contract and a completed deal.

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