U.S. Pending Home Sales Hold Flat in September

A forward-looking gauge of the housing market moved sideways last month.

The National Association of Realtors on Thursday said its pending home sales index, which tracks contract signings for previously owned homes, held flat in September from August at an index level of 106.0.

The unchanged reading matched expectations of economists surveyed by The Wall Street Journal.

High prices, driven by a limited supply of properties, is keeping home sales in check in recent months, Realtors economist Lawrence Yun said. In addition, recent hurricanes slowed activity in the South.

"While most of the country, except for the South, did see minor gains in contract signings last month, activity is falling further behind last year's pace because new listings aren't keeping up with what's being sold," Mr. Yun said.

From a year earlier, pending home sales fell 3.5% in September.

Write to Eric Morath at eric.morath@wsj.com

(END) Dow Jones Newswires

October 26, 2017 10:15 ET (14:15 GMT)