The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in July, rose 3.2 percent to 97.6 (the highest level since June 2007) from 94.6 in June. Analysts polled had forecast pending home sales to rise 2 perent in July. Pending sales were 12 percent higher in July from the same period last year. There is a one to two month lag between a contract and a done deal, so the index is a barometer of how sales completed this month and next will turn out.