After four months of growth, the number of U.S. homes going into contract declined in September, indicating a slowdown in homebuyer demand.
A National Association of Realtors index of pending home sales dropped 2.2 percent last month, compared to August.
NAR’s index tracks signed contract activity for single-family homes, condo and co-op units, and is seen as an indicator of future sales of existing homes.
Though September’s numbers represented a month-over-month dip, the index was up a substantial 20.5 percent from September 2019.
The only region of the country that bucked the trend was the Northeast, where pending home sales rose 2 percent last month from August. All regions posted year-over-year gains.
Lawrence Yun, NAR’s chief economist, said that the housing market was still on track to end 2020 with more sales than in