The National Association of Realtors Pending Home Sales Index in September was at a level of 106, which is unchanged from August, 3.5 percent below the level in September 2016, and the lowest reading since January 2015.
The goal of buying a home in fall is a challenge for many home shoppers, said NAR Chief Economist Lawrence Yun in a statement.
“Demand exceeds supply in most markets, which is keeping price growth high and essentially eliminating any savings buyers would realize from the decline in mortgage rates from earlier this year,” he said. “While most of the country, except for the South, did see minor gains in contract signings last month, activity is falling further behind last year’s pace because new listings aren’t keeping up with what’s being sold.”
The PHSI grew 1.2 percent to 94.5 in the Northeast, 1.4 percent to 102.9 in the Midwest and 1.9 percent to 102.7 in the West. It dropped 2.3 percent in the South.
