Pending home sales increased 1.5% to an index reading of 110.0 in September, after a revised 2.5% drop to 108.4 in August, according to a report released Thursday by the National Association of Realtors.
The August index was first reported as down 2.4% to 108.5.
An index of 100 is equal to the average level of contract activity during 2001.
Year-over-year the pending homes sales index increased 2.4% from last September, when the index was 107.4.
Regionally, pending sales were mixed. The Northeast saw a 1.6% decline to 96.5, while sales fell 0.2% to 104.6 in the Midwest. Sales climbed 4.7% in the West to 107.3 and sales grew 1.9% in the South to 122.1.
"Buyer demand is holding up impressively well this fall with Realtors reporting much stronger foot traffic compared to a year ago," NAR Chief Economist Lawrence Yun said. "Although depressed inventory levels are keeping home prices elevated in most of the country, steady job gains and growing evidence that wages are finally starting to tick up are encouraging more households to consider buying a home."
Economists polled by Thomson Reuters predicted the index would be up 1.2%.
