CFAH

Having eked out a 0.5 percent gain in July, the National Association of Realtors Pending Home Sales Index slipped 1.4 percent in August and year-over-year gains are on the decline.

The index, for which 100 denotes an average level of activity, now measures 109.4. And while the index remains 6.1 percent higher on a year-over-year basis, the year-over-year gain measured 10.7 percent in May, 8.2 percent higher in June, and 7.4 percent in July.

The Pending Home Sales index for the West increased 1.8 percent to 104.9 in August, which is 7.6 percent higher versus the same time last year.

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