Pending home sales decreased for the second-straight month in September, dropping 2.3 percent to 106.8 from 109.3 in August, according to the National Association of Realtors.
Although the September 2015 level of 106.8 was higher than September 2014’s 103.7, it is the second lowest level of the year.
“There continues to be a dearth of available listings in the lower end of the market for first-time buyers, and realtors in many areas are reporting stronger competition than what’s normal this time of year because of stubbornly-low inventory conditions,” said Lawrence Yun, NAR chief economist, in a statement. “Additionally, the rockiness in the financial markets at the end of the summer and signs of a slowing U.S. economy may be causing some prospective buyers to take a wait-and-see approach.”
Regionally, the PHSI in the Northeast fell 4 percent to 89.6 in September. The Midwest recorded a decline of 2.5 percent to 104.7. The South registered a decrease of 2.6 to 118.3, and the West saw a 0.2 percent drop to 104.4.
