The National Association of Realtors (NAR) in the US announced the pending home sales index for September.Accordingly, the pending home sales index in the US increased by 7.4 percent in September compared to the previous month.

The index reached its highest level since March with a value of 75.8.Market expectations were for pending home sales to increase by 1.9 percent in this period.

The pending home sales index, which is a forward-looking indicator of home sales based on contract signings, increased by 0.6 percent month-on-month to 70.6 in August. Pending home sales rose 2.6 percent on an annual basis in September.

NAR Chief Economist Lawrence Yun pointed out that contract signings increased thanks to lower mortgage rates and more inventory in late summer. Yun stated that if employment increases and inventory growth continue, further increases in pending home sales are expected.