The Pending Home Sales Index was 108.5 in August—the lowest level since January, according to the National Association of Realtors.
August’s PHSI was a decrease of 2.4 percent to compared with a 111.2 in July, and is 0.2 percent lower than the 108.7 reported in August 2015.
The PHSI in the Northeast increased 1.3 percent to 98.1 in August. The PHSI in the Midwest fell 0.9 percent to 104.7. In the West, it dropped 5.3 percent to 102.8, and in the South it declined 3.2 percent to 119.8.
“Contract activity slackened throughout the country in August except for in the Northeast, where higher inventory totals are giving home shoppers greater options and better success signing a contract,” said Lawrence Yun, NAR chief economist, in a statement. “In most other areas, an increased number of prospective buyers appear to be either wavering at the steeper home prices pushed up by inventory shortages or disheartened by the competition for the minuscule number of affordable listings.”
