For more information, contact: Walter Molony 202-383-1177 wmolony@realtors.org Pending Home Sales Decline in August but Remain Above a Year Ago Washington, DC, September 29, 2011 Pending home sales slipped in August with a mixed regional performance but are higher than a year ago, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 1.2 percent to 88.6 in August from 89.7 in July but is 7.7 percent above August 2010 when it stood at 82.3. The data reflects contracts but not closings. Lawrence Yun, NAR chief economist, said the decline reflects an uneven market. “The biggest monthly decline was in the Northeast, which was significantly disrupted by Hurricane Irene in the closing weekend of August,” he said. “But broadly speaking, contract signing activity has been holding in a narrow range for many months.” The PHSI in the Northeast fell 5.8 percent to 63.6 in August but is 1.3 percent higher