Pending Home Sales Index Down 1.4% in August
28 Settembre 2015 - 4:40PM
Dow Jones News
WASHINGTON—A forward-looking gauge of U.S. home sales slipped in
August—further evidence that the surge in momentum in the first
half of the year has leveled off.
The National Association of Realtors said Monday its pending
home sales index, which is based on signings for purchases of
previously owned homes, declined 1.4% to a seasonally-adjusted
109.4 in August, from a reading of 110.9 in July.
Economists surveyed by The Wall Street Journal had expected a
0.4% rise in August. Home sales typically close within a couple
months after signing.
The index rose 6.1% in August from a year earlier, the 12th
consecutive annual increase.
"Even with existing-housing supply barely budging all summer and
no relief coming from new construction, contract activity is still
higher than earlier this year and a year ago," Lawrence Yun, chief
economist for the Realtors' group, said.
News Corp, owner of The Wall Street Journal, also owns Move
Inc., which operates a website and mobile products for the National
Association of Realtors.
Other recent data point to steady demand in the housing market
this summer. Sales of new, single-family home sales, which account
for about 10% of the market, rose by 5.7% last month. Meanwhile,
the pace of completed existing-home sales has returned to its
prerecession levels, although sales slipped in August after a
strong start to the year.
Despite a large increase in sales, new construction of
single-family homes only increased 8.7% from a year ago in August,
according to data from the Commerce Department. But builder
sentiment is the highest it has been in nearly a decade, according
to a survey of home builders.
Stronger job gains have also helped build momentum in the
housing market. Interest rates also remain at historical lows. The
average interest rate for a 30-year fixed-rate mortgage was 3.91%
in August, according to Freddie Mac, the lowest it has been since
May.
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.
According to Monday's report, pending home sales rose modestly
in the West, but declined in every other region.
Write to Kate Davidson at kate.davidson@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 28, 2015 10:25 ET (14:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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