Pending home sales fell 1.8 percent during August, making it the fourth month of decline in the past five months, according to the National Association of Realtors.
High prices and low inventory continue to stifle the market, according to NAR Chief Economist Lawrence Yun, and contract signings are down 2.3 percent year-over-year.
Regionally, the West saw the biggest dip in pending sales, falling 5.9 percent in August, an 11.3 percent decrease compared with August 2017.
The Northeast and Midwest slipped 1.3 percent and 0.5 percent, respectively; both are a little over 1 percent lower than August 2017 pending home sales rates. The South fell 0.7 percent in August but is 1.3 percent higher than August 2017.
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