Realtors: Home sales decline in August(Read article summary)
The National Association of Realtors' national index fell 2.6 percent in August 2012 but increased 10.7 percent above the level seen in August 2011.
The National Association of Realtors (NAR) released their Pending Home Sales Report for August Thursday, showing that pending home sales declined with the seasonally adjusted national index falling 2.6% since July while increasing 10.7% above the level seen in August 2011.
Meanwhile, the NARs chief economist Lawrence Yun points out that there have been 16 consecutive months of annual gains suggesting that buying activity remains on the mend:
"The performance in month-to-month contract signings has been uneven with ongoing shortages of lower priced inventory in much of the country, and across most price ranges in the West, but activity has remained at notably higher levels this year,... The index shows 16 consecutive months of year-over-year increases, and that has translated into a higher number of closed sales. Year-to-date existing-home sales are 9 percent above the same period last year, but sales were relatively flat from 2008 through 2011,"