$D.R. Horton (DHI.US)$$Beazer Homes USA (BZH.US)$ Penduing h...

$D.R. Horton (DHI.US)$ $Beazer Homes USA (BZH.US)$ Penduing home sales have greatly exceed expectations in August, rebounding spectacularly from the July dip to jump to the highest level in seven-months. Pending home sales rose 8.1% in August month-on-month, according to the National Association of Realtors. This exceeded estimates for a 1.4% monthly rise, based on Bloomberg consensus data. In July, pending home sales fell by 2.0%. Pending home sales are -6.3% down compared to last year.

Lawrence Yun, the NAR’s Chief Economist, said “Rising inventory and moderating price conditions are bringing buyers back to the market. Affordability, however, remains challenging as home prices are roughly three times wage growth.