Pending home sales loss more momentum in September 2015 for the second consecutive month due to scarce housing inventory, the National Association of Realtors announced Thursday.
The Pending Home Sales Index, which is based on contract signings, decreased 2 point 3 percent to 106 point 8 in September, their second lowest index reading since 103 point 7 in January. In August this number was downwardly revised to 109 point 3 and a year ago, the number was 103 point 7. The index has also increased year-over-year for 13 consecutive months.
National gross-domestic product growth increased at an annual rate of 1 point 5 percent in the third quarter advance estimate released by the Bureau of Economic Analysis, down drastically from the last quarter when the GDP rose to a healthy 3 point 9 percent. Despite the slowdown, lenders believe it will not affect the housing market.