At a time of the year when seasonality should be giving it a boost, the National Association of Realtors Pending Home Sales Index slipped 1.0 percent from July to August and is running 2.2 percent lower on a year-over-year basis.  The inventory of listed homes for sale is currently running 1.1 percent lower, year-over-year.

And while the Pending Home Sales index for the West rose 2.6 percent in August, it remains 2.6 percent lower versus the same time last year.

A pull back in investor activity appears to be a driver of the slowdown, a trend which we’re seeing locally as well with home sales volume in San Francisco having fallen over 20 percent last month.

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