US pending home sales fell in August
Posted Sep 27, 2018 11:02:51 AM.
Last Updated Sep 27, 2018 02:00:54 PM.
This article is more than 5 years old.
WASHINGTON – Pending home sales slipped in August as fewer Americans signed contracts to purchase a house, the fourth decline in the past five months.
The National Association of Realtors says that its pending home sales index fell 1.8 per cent last month to 104.2. This measure of contract signings has tumbled 2.3 per cent in the past year, with the sharpest annual decline of 11.2 per cent in the West where homes generally cost more.
The recent setbacks suggest that the combination of rising prices, higher mortgage rates and a limited number of sales listings are hurting affordability.
In August contract signings slipped on a monthly basis in the four major geographic regions: Northeast, Midwest, South and West.
Pending sales are a barometer of home purchases that are completed a month or two later.
