Industry News

Pending real estate sales index dips in September

But sales still at near-record level, Realtor group reports

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A National Association of Realtors index of pending existing-home sales dropped slightly from record levels in August but remains higher than the September 2004, the Realtors trade group announced today. The Pending Home Sales Index, derived from pending sales of existing homes, eased 0.3 percent in September to a reading of 128.8, compared to a record of 129.2 in August, and is 3.3 percent higher than in September 2004. A sale is listed as pending when the contract has been signed but the transaction has not closed; pending home sales typically are finalized within one or two months of signing, according to the announcement. An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined. That year was the first of four consecutive record years for existing-home sales, with activity in that year being fairly close to the higher level of home sales projected for the coming decade relative to norms during the mid-1990s. A Pending Home Sa...