Pending home sales in the US were flat in September, but activity declined on an annual basis both nationally and in all major regions, according to the National Association of Realtors (NAR).
Its Pending Home Sales Index, a forward-looking indicator based on contract signings, was at 106.0 in September (unchanged from a downwardly revised August figure).
The index is now at its lowest reading since January 2015 (104.7), is 3.5% below a year ago, and has fallen on an annual basis in five of the past six months.
The figures were as widely expected.
Demand exceeds supply
Lawrence Yun, NAR chief economist, said: “Demand exceeds supply in most markets, which is keeping price growth high and essentially eliminating any savings buyers would realise from the decline in mortgage rates from earlier this year.