The National Association of Realtors’ Pending Home Sales Index slipped in August after hitting a two-year high in July. The index, a future indicator of existing-home sales based on contract signings but not closings, fell 2.6 percent, though it remains at elevated levels from one year ago. Lawrence Yun, NAR’s chief economist, said the index has shown 16 consecutive months of year-over-year increases, which has lead to a 9.0 percent jump in sales of previously owned homes. Compared to last year, pending-home sales are up 10.7 percent. Regionally, contract signings fell everywhere but the Northeast, where they were up 0.9 percent from one month earlier. More here and here.

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