Pending us property sales down but still higher than a year ago

Pending residential property sales in the United State slipped in August with a mixed regional performance but are higher than a year ago, according to the latest figures from the National Association of Realtors.

The Pending Home Sales Index, a forward looking indicator based on contract signings, declined 1.2% to 88.6 in August from 89.7 in July but is 7.7% above August 2010 when it stood at 82.3. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said the decline reflects an uneven market. ‘The biggest monthly decline was in the Northeast, which was significantly disrupted by Hurricane Irene in the closing weekend of August. But broadly speaking, contract signing activity has been holding in a narrow range for many months,’ he explained.

The PHSI in the Northeast fell 5.8% to 63.6 in August but is 1.3% higher than August 2010. In the Midwest the index declined 3.7% to 76.2 in August but is 8.2% above a year ago. Pending home sales in the South rose 2.6% to 96.9 and are 7.6% higher than August 2010. In the West the index declined 2.4% to 108.1 in August but is 10.5% above a year ago.

Source: PropertyWire.com