US pending home sales are down - WALB.com, South Georgia News, Weather, Sports

US pending home sales are down

By JOSH BOAK, AP Economics Writer
    
WASHINGTON (AP) - Fewer Americans signed contracts to buy homes in August, as pending sales slumped amid broader concerns about the U.S. stock market and global economy.
    
The National Association of Realtors says its seasonally adjusted pending home sales index fell 1.4 percent to 109.4 last month. Signed contracts to purchase homes have climbed a healthy 6.1 percent over the past 12 months, aided by steady job growth and low mortgage rates.
    
But the August figured indicate that home sales lack the stamina to keep accelerating. Uncertainty in the financial markets and rising prices for homes are stirring doubts about affordability for many would-be buyers.
    
Pending sales are a barometer of future purchases. A lag of a month or two usually exists between a contract and a completed sale.

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