Pending home sales slow

Pending home sales, an index that tracks contracts signed but deals not yet closed, slipped 1.2% in August 2011, according to figures released Sept. 29 by the National Association of Realtor (NAR).

Results were mixed across the country, with the Northeast seeing the biggest declines. NAR chief economist Lawrence Yun blamed this Northeastern decrease on Hurricane Irene, which “seriously disrupted” sales in the closing weekend of August. “But broadly speaking,” he said, “contract signing activity has been holding in a narrow range for many months.”

The pending home sale index, at 88.6 in August 2011, is 7.7% higher than last year, however, when it stood at 82.3 in August 2010.