NAR released a summary of pending home sales data showing that September’s pending home sales pace was flat with no gain from last month and down 3.5 percent 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.
All four regions showed declines from a year ago. The Northeast had the smallest dip of 2.4 percent followed by the Midwest with a decrease of 2.5 percent. The West had a decline of 2.9 percent. The South had the biggest drop of 5.0 percent.
From last month, three of the four regions showed inclines in sales. The South had the only decline of 2.3 percent. The Northeast had a gain of 1.2 percent followed by the Midwest with an increase of 1.4 percent. The West had the largest gain of 1.9 percent.
The U.S. pending home sales index level for the month was 106.0. August’s data was revised down slightly to 106.0.
In spite of the decline, this is the pending index’s 41st consecutive month over the 100 level.
The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.