Disappointment as us home sales fall again in september

Pending residential property sales in the United States declined in September, although activity remains above a year ago, according to the latest report from the National Association of Realtors.

Its Pending Home Sales Index, a forward looking indicator based on contract signings, fell 4.6% to 84.5 in September from 88.6 in August but is 6.4% higher than September 2010 when it stood at 79.4.

It means that the housing market is being excessively constrained, according to Lawrence Yun, NAR chief economist.

‘A combination of weak consumer confidence and continuing tight lending criteria held back home buyers, even though the private sector added nearly two million net new jobs in the past 12 months,’ he said.

Source: PropertyWire.com