Having ticked up 1.3 percent in July, the National Association of Realtors Pending Home Sales Index, for which 100 denotes an average level of activity, dropped 2.4 percent to 108.5 in August, which is the second lowest level since the 105.4 recorded in January of this year.

As such, the index is now 5.7 percent below this past April’s reading of 115.0, which was a ten-year high, and 0.2 percent lower versus the same time last year.

And having surged 7.3 percent in July, the Pending Home Sales Index for the West dropped 5.3 percent to 102.8 in August and now measures 0.6 percent lower versus the same time last year.

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