NAR: Pending Home Sales Index decreased 1.4% in August, up 6% year-over-year

From the NAR: Pending Home Sales Retreat Again in August but Remain at Healthy Level

The Pending Home Sales Index, a forward–looking indicator based on contract signings, decreased 1.4 percent to 109.4 in August from 110.9 in July but is still 6.1 percent above August 2014 (103.1).

This was below expectations of a 0.5% increase.

Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in September and October.