Pending U.S. home sales fell more than expected in September, after posting a big jump in the previous month, according to the National Association of Realtors. The association's seasonally adjusted index of pending sales for existing homes fell 4.6% to a reading of 89.2. That's down from an upwardly revised August reading of 93.5.
Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed. Typically there is a one- to two-month lag before a sale is completed.
The association forecasts U.S. home prices, by year-end, will fall 9.3% from last year to a median of $198,600.
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