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After gaining ground for two straight months, pending home sales dipped slightly in September, according to the National Association of Realtors.
The Pending Home Sales Index fell 1.8 percent in September to 80.9, down from 82.4 in August. However, it remains significantly below the 107.8 mark from September 2009 when first-time homebuyers took advantage of the tax credit.
The fluctuation may signal an uneven recovery, but experts remain optimistic for the future.
“Existing-home sales have shown some improvement but the foreclosure moratorium is likely to cause some disruption and contribute to an uneven sales performance in the months ahead,” said Lawrence Yun, NAR chief economist. “Nonetheless, there appears to be a pent-up demand that eventually will be unleashed as banks resolve their issues with foreclosures and the labor market improves. However, tight credit and appraisals coming in below a negotiated price continue to constrain the market.”
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