WASHINGTON (AP) — Pending home sales slipped in August as fewer Americans signed contracts to purchase a house, the fourth decline in the past five months.
The National Association of Realtors says that its pending home sales index fell 1.8 percent last month to 104.2. This measure of contract signings has tumbled 2.3 percent in the past year, with the sharpest annual decline of 11.2 percent in the West where homes generally cost more.
The recent setbacks suggest that the combination of rising prices, higher mortgage rates and a limited number of sales listings are hurting affordability.
In August contract signings slipped on a monthly basis in the four major geographic regions: Northeast, Midwest, South and West.
Pending sales are a barometer of home purchases that are completed a month or two later.