Pending Home Sales Decline in August

Washington, DC, Sept. 26, 2013 -- Pending home sales fell 1.6% in August, according to the National Association of Realtors.

Higher interest rates and prices were blamed for the drop.

NAR's chief economist Lawrence Yun said he expects lower sales of existing homes but a tighter supply should move prices higher.

Pending home sales in August were up 5.8% from last year.