Pending home sales slipped in August with a mixed regional performance but are higher than a year ago, according to the National Association of Realtors (NAR).
NAR's Pending Home Sales Index (PHSI) declined 1.2% to 88.6 in August from 89.7 in July. However, it is 7.7% above August 2010, when it stood at 82.3. The PHSI is a forward-looking indicator based on contract signings, not closings.
The PHSI in the Northeast fell 5.8% to 63.6 in August, but was 1.3% higher than in August 2010. In the Midwest, the index declined 3.7% to 76.2 in August, but was 8.2% above a year ago. Pending home sales in the South rose 2.6% to an index of 96.9 and are 7.6% higher than August 2010. In the West, the index declined 2.4% to 108.1 in August but was 10.5% above a year ago.