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NAR Says Pending Home Sales Have Slowed Again

The National Association of Realtors (NAR) reported today that pending home sales have slipped for the second-second straight month, and affordability issues may bear some of the blame. After surging all summer, pending home sales fell by 2.2% from August to September and then another 1.1% from September to October, according to the trade group’s Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings. The trade group says pending home sales for November will be released on Dec. 30, and investors and homebuyers will know then if the slowing in home sales is a trend or a blip.