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Pending home sales expanded in most of the country in July and reached their second highest reading in over a decade, according to the National Association of Realtors. Only the Midwest saw a dip in contract activity last month.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.3 percent to 111.3 in July from a downwardly revised 109.9 in June and is now 1.4 percent higher than July 2015 (109.8). The index is now at its second highest reading this year after April (115.0).
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