Inventory Blamed as Pending Home Sales Slip

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Posted To: MND NewsWire

The volume of pending home sales lessened a bit as summer wound down after strong numbers were posted in May and June and the July numbers, while smaller, remained in positive territory. In August, however the National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings for home purchases, was down 1.4 percent from the previous month. Analysts had expected that the index would hold at July's half percentage point gain. NAR said, however that August sales represented a healthy level of activity, continuing was is now a 12-month streak of consecutive year-over-year gains. The PHSI dipped from the 110.9 level in July to 109.4. This is a 6.1 percent gain from where it stood in August 2014, at the 103.1 level. NAR chief...(read more)

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Source: http://www.mortgagenewsdaily.com/09282015_pending_home_sales.asp

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