September pending home sales down for third month

The National Association of Realtors (NAR) Pending Home Sales Index, based on contracts signed in September, was down 4.6 percent to 84.5.

Lawrence Yun, the NAR's chief economist, noted the index was still above its level in September 2010 of 79.4 but said the housing market was constrained by numerous factors.

"A combination of weak consumer confidence and continuing tight lending criteria held back home buyers, even though the private sector added nearly two million net new jobs in the past 12 months," Yun said.

Pending home sales in September fell in every region of the country from August levels.

(Reporting by Glenn Somerville, Editing by Andrea Ricci)