Talking Points …
- 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®. All major regions experienced declines except for the West, which rose for the fourth consecutive month.
- Existing-home sales are expected to be stronger in the second half of the year behind improved inventory conditions, continuously low interest rates and slower price growth. Lawrence Yun, NAR chief economist, forecasts existing-homes sales to be down 3.0 percent this year to 4.94 million, compared to 5.09 million sales of existing homes in 2013.
- NAR’s Pending Home Sales Index fell 1 percent to 104.7 in August from 105.8 in July, and is now 2.2 percent 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.