Pending home sales slowed in August, albeit gradually, according to the National Association of Realtors.
The Pending Home Sales index fell 1.0 percent to 104.7 in August from 105.8 in July. It's now 2.2 percent below August 2013. Still, the number is above 100, an average level of activity, for the fourth consecutive month and is at its second highest level since August 2013.
“Fewer distressed homes at bargain prices and the acknowledgement we’re entering a rising interest rate environment likely caused hesitation among investors last month,” NAR's Chief Economist Lawrence Yun said in a statement. “With investors pulling back, the market is shifting more towards traditional and first-time buyers who rely on mortgages to purchase a home.”
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