Pending home sales dip in August as investors pull back
Pending home sales slowed a bit in August, a real estate trade group reported Monday.
The number of people who signed contracts to buy homes in August dipped slightly, though it remains near its highest level in a year.
The National Assn. of Realtors reported Monday that its pending home sales index, which counts sales that are in contract but not yet closed, fell 1% in August. Analysts had predicted it would stay flat.
Despite the dip, August was the fourth-straight month with the index above higher than what the Realtors Assn. refers to as an “average” level of contract activity.
Lawrence Yun, chief economist at the NAR, attributed the dip to investors pulling back on their purchases amid higher prices and rising interest rates. So-called “regular” and first-time buyers are making up a bigger share of home sales.
Pending sales in the West climbed for the fourth straight month.
Keep an eye on housing and real estate in Southern California. Follow me on Twitter at @bytimlogan
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
