Industry News

Pending sales slide in September

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September's pending sales of U.S. resale homes fell 4.6 percent from August as credit tightened and economic conditions worsened, the National Association of Realtors reported today. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, declined to 89.2 in September from an upwardly revised reading of 93.5 in August, but is 1.6 percent higher than September 2007 when it stood at 87.8. Lawrence Yun, NAR chief economist, said in a statement that pending sales have been above year-ago levels for two months in a row. "The month-to-month weakening in pending home sales is understandable, but because the index remains above year-ago levels it means we're still in a broad period of stabilization," he said. "Conditions remain mixed around the country, but markets that are showing annual sales gains include Long Island, N.Y.; Boston; Minneapolis; Denver and Washington, D.C., in addition to consistent solid gains in California ...