Pending home sales cool in September, down 2.2%

Despite the modest decline, contract signings are still up 20.5% from a year earlier

CHARLOTTE, N.C. (AP) — The pending sales of existing homes fell 2.2% in September, the National Association of Realtors said Thursday, the first monthly contraction of that figure in four months.

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The report is the latest indicator that showed the housing market cooled in September after being strong throughout the summer. Sales of existing homes fell in September as well, NAR reported earlier this month, and the Commerce Department said sales of newly constructed homes fell in September, too.

EXISTING-HOME SALES SOAR 9.4% IN SEPTEMBER, MARKING FOURTH CONSECUTIVE MONTH OF GROWTH

Despite the modest decline, contract signings are still up 20.5% from a year earlier, the industry trade group said.

Three out of the four regions tracked by NAR saw monthly declines. Only the Northeast reported a month-over-month gain.

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