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27 Sep 2017
US: Pending home sales fall 2.6% in August; 2017 forecast downgraded - NAR
"Pending home sales sank in August for the fifth time in six months, and slower activity in the areas hit hard by Hurricanes Harvey, and Irma will likely pull existing sales for the year below the pace set in 2016," the National Association of Realtors announced on Wednesday.
Key quotes:
- The Pending Home Sales Index, a forward-looking indicator based on contract signings, retreated 2.6 percent to 106.3 in August from 109.1 in July.
- The index is now at its lowest reading since January 2016 (106.1), is 2.6 percent below a year ago, and has fallen on an annual basis in four of the past five months.
- Lawrence Yun, NAR chief economist, says this summer’s terribly low supply levels have officially drained all of the housing market’s momentum over the past year.