The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in September, gained 0.3 percent to 99.5.
Economists polled by Reuters had expected signed contracts, which become sales after a month or two, to rise 2.1 percent after declining 2.6 percent in August.
"This means only minor movement is likely in near-term existing home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013," said NAR chief economist Lawrence Yun.
The housing market is steadily healing after collapsing in 2006, supported by modest job gains, increased job security and record low mortgage rates. Pending home sales were up 14.5 percent in the 12 months to September.
Contracts were up in three of the country's four regions. They fell 5.8 percent in the Midwest to the lowest rate since January.
The views, opinions, positions or strategies expressed by the authors and those providing comments or external internet links are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of First Capital, we make no representations as to accuracy, completeness, current, suitability, or validity of this information and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. Any information provided does not constitute an offer or a solicitation to lend. Providing information to purchase does not guarantee a loan approval. All registered trademarks, copyright, images, or other items used are property of their respective owner and are used for editorial purposes only.
First Capital Mortgage is a subsidiary of PHH Home Loans LLC, a direct lender, Dept. of Corporations file #413-0713 NMLS#4256
Visit FirstCapital Online or call: 310-458-0010