The National Association of Realtors is reporting that overall pending home sales declined 1.8% in August and have now fallen on an annual basis for eight consecutive months. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) declined to 104.2 in August as well as reporting that contract signings are down 2.3% year-over-year. The Realtors say once again that low inventory continues to contribute to the housing market’s slowdown. However, take note of the regional differences in the chart below
“Pending home sales continued a slow drip downward, with the fourth month over month decline in the past five months…Contract signings also fell backward again last month…” Said Lawrence Yun, the NAR’s chief economist.