- US pending home sales fell back from their two-year peak in August but are at elevated levels compared with a year ago, according to the National Association of Realtors.

The NAR Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.6% to 99.2 in August from an upwardly revised 101.9 in July but is 10.7% above August 2011 when it was 89.6. The data reflect contracts but not closings.

Contract activity in July 2012 was at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit.

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