- NAR released a summary of pending home sales data showing that August’s pending home sales pace is down 2.6 percent from last month and also down 2.6 percent from a year ago.
- Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
- All four regions showed declines from a year ago. The South had the smallest dip of 1.7 percent followed by the West with a decrease of 2.4 percent. The Midwest had a decline of 3.2 percent. The West had the biggest drop of 4.1 percent.
- From last month, all four regions showed declines in sales. The Northeast had the biggest dip of 4.4 percent. The South had a decline of 3.5 percent followed by the Midwest with a dip of 1.5 percent. The West had the smallest decline of 1.0 percent.
- The U.S. pending home sales index level for the month was 106.3. July’s data was revised down slightly to 109.1.
- In spite of the decline, this is the pending index’s 40th consecutive month over the 100 level.
- The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.
Source: NAR Economic Outlook