ShareNAR's pending home sales data show that August’s pending home sales rose 0.6% from last month but decreased 3.0% from a year ago.
Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.
Three of the four regions showed declines in sales from a year ago. The West region had the only gain of 2.7%. The South region had the biggest decrease of 5.3%, followed by the Midwest with a decline of 3.6%. The Northeast had the smallest dip in sales of 2.2%.
From last month, three of the four regions showed increases in contract signings. The Midwest and the West both shared an increase of 3.2%. The South rose modestly by 0.1%, and the Northeast region had the only decline of 4.6%.
The U.S. pending home sales index level for the month of August was 70.6.
August's contract signings bring the pending index below the 100-level mark for the 29th consecutive month.
The 100 level is based on a 2001 benchmark and is consistent with existing-home sales above the 5 million mark.
