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US Pending Home Sales Retreat in August
After bouncing back in July, pending home sales cooled in August for the third time in four months and to their lowest level since January, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 2.4 percent to 108.5 in August from a downwardly revised 111.2 in July and is now slightly lower (0.2 percent) than August 2015 (108.7). With last month's decline, the index is now at its second lowest reading this year after January (105.4). Lawrence Yun, NAR chief economist, says suffering supply levels have taken the wind out of ... (full story)