Pending home sales decreased 2.3% to an index reading of 106.8 in September, after a revised 1.4% decrease to 109.3 in August, according to a report released Thursday by the National Association of Realtors.
The August decrease was first reported as 1.4% to 109.4.
Economists polled by Thomson Reuters predicted the index would be up 1.0%
An index of 100 is equal to the average level of contract activity during 2001.
Year-over-year the pending homes sales index increased 3.0% from last September, when the index was 103.7.
Regionally, pending sales were lower. The Northeast saw a 4.0% decline to 89.6, while sales fell 0.2% in the West to 104.4. In the South, sales slid 2.6% to 118.3, and sales were down 2.5% to 104.6 in the Midwest.
"There continues to be a dearth of available listings in the lower end of the market for first-time buyers, and Realtors in many areas are reporting stronger competition than what's normal this time of year because of stubbornly-low inventory conditions," NAR Chief Economist Lawrence Yun said. "Additionally, the rockiness in the financial markets at the end of the summer and signs of a slowing U.S. economy may be causing some prospective buyers to take a wait-and-see approach."
