US pending home sales slide in September

The number of pending home sales in the US dropped in September, compared to the previous month.

Figures from the National Association of Realtors (NAR) showed that the amount of contract signings slipped by 4.6 per cent on a monthly basis.

However, the organisation pointed out that this sector of the market has grown by 6.4 per cent since September 2010.

NAR chief economist Lawrence Yun warned that there are many difficulties facing the US residential property sector at present.

"A combination of weak consumer confidence and continued tight lending criteria held back home buyers, even though the private sector added nearly two million net jobs in the past 12 months," he stated.

Earlier this month, NAR figures revealed a similar pattern for existing home sales, with levels of activity declining during September compared to August, but still remaining greater than at the same time in the previous year.

The number of completed transactions was 11.3 per cent higher in September 2011 than in the same month of 2010, despite a three per cent drop over August.
 

Like this? Then share with your friends and colleagues!