Pending Home Sales Edge Down in August

Washington, DC, Sept. 27, 2012 -- Pending home sales declined in August after hitting a two-year high in July, according to the National Association of Realtors.

The pending-home-sales index fell to 99.2 from a upwardly revised 101.9 in July, NAR said.

"The performance in month-to-month contract signings has been uneven with ongoing shortages of lower prices inventory in much of the country," said Lawrence Yun, chief economist of the NAR, in a press release.

Compared to the same period in 2011, pending home sales were up 10.7%, marking the 15th straight month of year-on-year gains.


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