Inventories, Rocky Financial Markets Blamed for Pending Sales Dip

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Posted To: MND NewsWire

It wasn't just new home sales that slipped in September. The National Association of Realtors® (NAR) reports that pending sales also cooled; dipping nationally and in all four regions. NAR's Pending Home Sales Index (PHSI), a forward-looking indicator based on purchase contract signings , pulled back from the slightly downwardly revised August level by 2.3 percent to 106.8. It was the second straight decline and it brought the PHSI to its second lowest level of the year - is was 103.7 in January. The Index was still 3.0 percent higher than in September 2014 and this marked the 13 th straight month of annual gains. Lawrence Yun, NAR chief economist, said several factors probably combined to bring September signings down. "There continues to be a dearth of available listings in the lower...(read more)

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Source: http://www.mortgagenewsdaily.com/10292015_pending_home_sales.asp

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