Having slipped 1.4 percent in August, the National Association of Realtors Pending Home Sales Index dropped another 2.3 percent in September to its second lowest level of the year, and year-over-year gains continue to decline.

The index, for which 100 denotes an average level of activity, now measures 106.8. And while the index remains 3.0 higher versus the same time last year, the year-over-year gain measured 10.7 percent in May, 8.2 percent higher in June, 7.4 percent higher in July, and 6.1 percent higher in August.

The Pending Home Sales index for the West slipped 0.2 percent to 104.4 in September, which is 6.6 percent higher versus the same time last year.

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