The National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, held at a downwardly revised 106.0 from August to September, which is 3.5 percent lower on a year-over-year basis and the lowest reading since January 2015.

The index has dropped 5.6 percent since February. And as we noted last month, the National Association of Realtors is now forecasting that total existing home sales in the U.S. will be lower this year than the year before.

In the West, the index for pending home sales inched up 1.9 percent to 102.7 percent in September but is now 2.9 percent lower, year-over-year.

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