By Steve Goldstein
WASHINGTON (MarketWatch) -- Pending home sales climbed 2.4% in July to the highest level since April 2010, when a home-buyer tax credit was set to expire. The National Association of Realtors said Wednesday its pending-home-sales index rose to 101.7 in July from 99.3 in June, which is 12.4% above July 2011 levels. The data reflect contracts but not closings. "While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity," said Lawrence Yun, chief economist of the NAR. Existing-home sales are projected to rise 8% to 9% in 2012, followed by another 7% to 8% gain in 2013, the NAR forecasts. Home prices are expected to increase 10% cumulatively over the next two years.
