Pending home sales rose in August

The Pending Home Sales Index, which predicts home closings one and two months down the road, rose 4.3 percent to 82.3, NAR said.

The index remains 20.1 percent below the August 2009 reading of 103 despite "attractive affordability conditions," said NAR Chief Economist Lawrence Yun in a statement.

However, while affordability factors are favorable, "The pace of home sales recovery still depends on more job creation and an accompanying rise in consumer confidence," he said.

The trade group said the pending home sales index fell 2.9 percent to 60.6 in August in the Northeast and rose 2.1 percent to 68 in the Midwest. In the South, the index rose 6.7 percent to 90.8. In the West, the index climbed 6.4 percent to 101.1.

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