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Pending home sales slow in September

The future health of the housing market is still being driven by sustainable fundamentals
  • Pending home sales slowed across the country in September for the second consecutive month due to lower inventory.
  • The PHSI showed contract signings declined 2.3 percent to 106.8, from forecasts of 109.3.
  • Existing home sales are forecast to come in around 5.29 million sales place this year, according to NAR.

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Low inventory in the first-time homebuyers' end of the market and financial market uncertainty have led to a slower stream of sales under contract in September, according to the latest figures from the Pending Home Sales Index (PHSI) from the National Association of Realtors (NAR). Pending home sales in September declined for the second month in a row across all four regions -- to the second-lowest reading for 2015. The PHSI showed contract signings declined 2.3 percent to 106.8, from forecasts of 109.3. It was still 3 percent above last September's figures of 103.7, however. Even with September's decline, the index has increased year over year for 13 straight months. “It is possible that buyers are being pickier,” said Danielle Hale, managing director of Housing Research at NAR. “As they have seen price growth, I think buyers are being fussier, so quality properties at the right price are selling amid a lot of competition and that can make it difficult for buyers....