By Stephen Melman | Eye On Housing
Pending home sales have decreased on an annual basis for eight consecutive months, and have declined month over month in four of the past five months. The Pending Home Sales Index decreased 1.8% in August, and is now down 2.3% year over year. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI decreased to 104.2 in August, from 106.1 in July.