The indicator, based on signed contracts for real estate, fell 1.4% month-on-month.
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‘With sales and overall demand higher than a year ago and supply mostly unchanged, low inventories will likely continue to limit options for those looking to buy this fall even with the overall pool of buyers shrinking because of seasonal factors, ‘ said Yun.
Mr. Yun said sales in the coming months should be able to maintain their current pace, but he warned a looming government shutdown and further stock-market volatility could cause some buyers to put off home purchases.
WASHINGTON-A forward-looking gauge of USA home sales slipped in August, further evidence that the surge in momentum in the first half of the year has slowed.
Manatee County had 599 pending sales in August, down about 2 percent from the same month a year ago and from July, when the county registered 611 sales. Additionally new federal regulations that will delay mortgage closing process will impact some sales.
Estimates in the Bloomberg survey of 37 economists ranged from a decrease of 4.2 percent to an advance of 1.5 percent. Yun forecasts total existing-home sales this year to increase 7.0 percent to around 5.28 million, about 25 percent below the prior peak set in 2005 (7.08 million). Sales in the Midwest ticked down 0.4% to an August index score of 107.4, still 7.6% higher than a year ago. A lag of a month or two usually exists between a contract and a completed sale. An index reading of 100 equals the average contract activity level in 2001.
Personal consumption expenditures (PCE) increased $54.9 billion, or 0.4%.
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In Southwest Florida, pending sales also declined in August. This and other news releases are posted in the “News, Blogs and Videos” tab on the website.
