NAR: Pending sales fall 25% year-over-year

West sees monthly jump in activity

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Pending sales of existing homes dipped month-to-month in September, according to a monthly index report from the National Association of Realtors.

The index, which is based on signed purchase contracts for sales that have not yet closed, fell 1.8 percent to 80.9 in September from an upwardly revised 82.4 in August. The index dropped considerably more, 24.9 percent, compared to September 2009, however, when there was a surge of homebuying activity the association attributed to the original deadline for the first-time homebuyer tax credit.

Existing-home sales and new-home sales were also down in September compared to the same month in 2009, though both rose compared with August.