Pending home sales fall 2.4% in August

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Economist cites run-up in prices in recent years, shortage of for-sale homes

By Josh Mitchell | The Wall Street Journal

The number of homes in the U.S. that went under contract fell in August to the lowest level since January, the latest sign the housing market lost momentum in recent months.

An index of pending home sales, reflecting tentative purchases of previously owned homes, fell 2.4% in August to a reading of 108.5, the National Association of Realtors said Thursday. Economists surveyed by The Wall Street Journal expected sales to be flat in August.

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