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Pending home sales jump by more than expected

Bob BryanOct 27, 2016, 19:33 IST

A newly built single-family home that is sold is seen in San Marcos, California, January 30, 2013.REUTERS/Mike Blake

Pending home sales grew by 1.5% in the month of September according to the National Assocation of Realtors (NAR).

The measure of the housing market was projected by economists to grow 1.0% in September from the month before.

In August, the pending sales of single family homes, condos, and co-ops fell 2.4%, declining by much more than the expected flat reading.

After the report for August, the NAR said the slowing number of homes under contract showed the "housing recovery could stall."

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