Having ticked down 1.8 percent in July, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, recovered 8.1 percent in August for a reading of 119.5.
That being said, the index is still down 8.3 percent on a year-over-year basis, having been down 8.5 percent on a year-over-year basis in July, and purchase mortgage activity is currently down 12 percent on a year-over-year basis, including a 2 percent drop over the past week.
And locally, while pending sales are currently up 1 percent on a year-over-year basis, they slipped on a year-over-year basis for the first time in over a year earlier this month.