Washington • Fewer people signed contracts to buy homes in August, marking the fifth decline in the past six months. The 2.6 percent fall continues to reflect the worsening shortage nationwide of homes being listed for sale.
The National Association of Realtors said that its pending home sales index fell to 106.3 in August from 109.1 in July. It’s the index’s lowest point since a 106.1 reading in January of 2016 and 2.6 percent lower than a year ago.
Pending sales contracts are a barometer of future purchases. Sales are typically completed a month or two after a contract is signed
An economist for the Realtors is forecasting existing home sales for 2017 to be around 5.