Having recovered 8.1 percent in August, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, dipped 2.3 percent in September to 116.7.

As such, the index is down 8 percent on a year-over-year basis, with closed sales having ticked down on a year-over-year basis last month and mortgage applications to purchase a home down as well.

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