Pending home sales slowed modestly in August but contract signings remain at their second-highest level over the past year, according to the National Association of Realtors (NAR). All major regions experienced declines except for the West, which rose for the fourth consecutive month.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1% to 104.7 in August from 105.8 in July, and is now 2.2% below August 2013 (107.1). Despite the slight decline, the index is above 100—considered an average level of contract activity—for the fourth consecutive month and is at the second-highest level since last August.