Having slipped 0.7 percent in July, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, dropped 1.8 percent in August to 104.2 and is now running 2.3 percent lower on a year-over-year basis and 7.2 percent below last year’s high of 112.3.

At the same time, the inventory of unsold homes listed for sale across the nation held at 1.92 million which is 2.7 percent higher versus the same time last year.

And out West, the Pending Home Sale Index dropped 5.9 percent to 89.1 and is now running 11.3 percent lower versus the same time last year.

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