NAR released a summary of pending home sales data showing that September’s pending home sales pace was up 0.5 percent last month but fell 1.0 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.
Three of the four regions showed declines from a year ago. The South had the only incline in pending sales of 3.3 percent. The West had the biggest drop in sales of 7.4 percent. The Midwest fell 1.1 percent followed by the Northeast with a decline of 2.7 percent.
From last month, two of the four regions showed declines in sales. The Northeast region had the smallest drop of 0.4 percent followed by the South, which fell 1.4 percent. The Midwest had an incline of 1.2 percent followed by the West with the biggest gain of 4.5 percent.
The U.S. pending home sales index level for the month was 104.6. August’s data was revised up to 104.1.
In spite of the decline, this is the pending index’s 53rd 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.