New housing boost for US

The US housing market may have been given a new boost with news of a fresh rise in the number of pending home sales.

Figures for July showed a 3.2 per cent increase in the index to its highest level since June 2007, the National Association of Realtors (NAR) stated.

It was also the sixth successive increase in the number, the longest continuous increase since the survey began in 2001.

Nar president Charles McMillan suggested the value of homes in the country may soon start rising again, something that could interest those looking to buy a home there.

He remarked: "With a gradual absorption of inventory, we are on the cusp of a general stabilisation in home prices."

The improvement in the index exceeded the expectations of economists, news provider Bloomberg noted.

Its own poll of experts before the figures were released found the median estimate was for an improvement of only 1.5 per cent.

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