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Re-activateThe National Association of Realtors' Pending Home Sales Index sank to its lowest level since it debuted in 2001, falling 6.5 percent in August to 85.5, according to the real-estate-industry trade group. The index has dropped 21.5 percent from the August 2006 index of 108.9.
"Fewer contracts were being written because of mortgage availability issues, and a separate internal survey of our members shows more than 10 percent of sales contracts fell through at the last moment in August, primarily the result of canceled loan commitments," said Lawrence Yun, senior economist for the NAR. "The volume of activity we're seeing today is below sustainable market fundamentals because some creditworthy people are trying to buy homes but can't because of the credit crunch."
According to the NAR, the index is a leading indicator of the health of the housing sector; it measures the number of signed sales contracts for existing homes. An index of 100 is equal to the average level of contract activity during 2001.
Read the NAR's release on the index here.
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