Pending home sales in August were at a level of 106.3 on the National Association of Realtors Pending Home Index, a decrease of 2.6 percent compared with July’s level and August 2016’s level, which were both 109.1.
Pending home sales in August were at a level of 106.3 on the National Association of Realtors Pending Home Index, a decrease of 2.6 percent compared with July’s level and August 2016’s level, which were both 109.1.
The summer’s “terribly low” supply levels slowed the housing market’s momentum over the past year, said Lawrence Yun, NAR chief economist, in a statement.
“August was another month of declining contract activity because of the one-two punch of limited listings and home prices rising far above incomes,” he said. “Demand continues to overwhelm supply in most of the country, and as a result, many would-be buyers from earlier in the year are still in the market for a home, while others have perhaps decided to temporarily postpone their search.”
The PHSI in the Northeast fell 4.4 percent month-over-month to 93.4 in August. The Midwest PHSI dropped 1.5 percent to 101.8. The South’s PHSI retreated 3.5 percent to 118.8, and the West’s PHSI declined 1 percent to 101.3.