Pending sales down for month, up for year

Pending home sales declined in September, although activity remains above a year ago, according to the National Association of Realtors® (NAR)’s Pending Home Sales Index (PHSI).
The PHSI, a forward-looking indicator based on contract signings, fell 4.6 percent to 84.5 in September from 88.6 in August but is 6.4 percent higher than September 2010 when it stood at 79.4. The data reflects contracts but not closings.
The PHSI in the Northeast declined 4.7 percent to 60.6 in September, but it’s 4.0 percent above a year ago. In the Midwest, the index dropped 6.2 percent to 71.5 in September, but remains 12.3 percent higher than September 2010.
Pending home sales in the South fell 5.5 percent in September to an index of 91.6, but it’s 5.0 percent above a year ago. In the West, the index declined 2.1 percent to 105.8 in September, but is 5.6 percent higher than September 2010.

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