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Inventory Blamed as Pending Home Sales Slip
Monday, September 28, 2015
The volume of pending home sales lessened a bit as summer
wound down after strong numbers were posted in May and June and the July numbers,
while smaller, remained in positive territory.
In August, however the National Association of Realtors® (NAR) said its Pending
Home Sales Index (PHSI), a forward-looking indicator based on contract signings
for home purchases, was down 1.4 percent from the previous month. Analysts had expected that the index would
hold at July's half percentage point gain. NAR said, however that August sales
represented a healthy level of activity, continuing was is now a 12-month
streak of consecutive year-over-year gains.
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