NAR Chief Economist Lawrence Yun Explains August Pending Home Sales Index

Lawrence Yun, chief economist at the National Association of Realtors, explains the Pending Home Sales Index in August unexpectedly falling from the month prior. The index released on Monday showed pending home sales in the U.S. declined 1.4% to a seasonally-adjusted 109.4 in August, from a reading of 110.9 in July. While the index, which is based on contract signings, showed a modest increase in the West it was offset by declines in all other regions.