Economy

Pending home sales stall again in September

Pending home sales stall again in September”

A single family home is shown with a sale pending in Encinitas, California May 22, 2013.

Pending home sales in the USA were unexpectedly flat in the month of September, according to a report released by the National Association of Realtors on Thursday.

Thesuowest reading in almost three years since it hit 104.7 in January 2015.

Compared to one year ago, pending sales fell 3.5 percent overall and there were annual declines across all four of the nation's regions. That's down 3.5 percent from previous year.

The South saw declines of 2.3 percent in September, which the NAR largely attributed to the effects of Hurricanes Harvey and Irma.

Economists polled by Reuters had forecast pending home sales edging up 0.2 percent last month. Existing sales were down notably on an annual basis in the price range below $250,000, but up solidly the higher up the price bracket.

NAR said its pending home sales index came in at 106.0 in September, unchanged from a downwardly revised reading for August.

"Buyers looking for a little relief from the stiff competition from over the summer may unfortunately be out of luck in the coming months", Yun says. In the Midwest the index climbed 1.4% to 102.9 in September, but remains 2.5% lower than September 2016.

He added the situation will likely be further exacerbated as inventory starts to decline heading into the winter months.

All but one of the four major regions in the US saw increases in the PHSI in September, with the Northeast up 1.2 percent to 94.5, the Midwest up 1.4 percent to 102.9 and the West up 1.9 percent to 102.7.



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