The National Association of Realtors’ Pending Home Sales Index is a forward-looking indicator that tracks the number of buyers who signed contracts to purchase homes during the month. In August, the Index showed a 1.6 percent dip from July, when it reached a six-and-a-half year high. Lawrence Yun, NAR’s chief economist, said the decline was expected following the sales peaks reached during the summer-selling season. According to Yun, existing-home sales levels should slow in the coming months. Despite the dip, pending home sales have been above year-before levels for 28 consecutive months and were 5.8 percent above August 2012 in the most recent report. Regionally, sales fell in the Midwest, South, and West but rose 4 percent in the Northeast. The National Association of Realtors expects existing-home sales to be up nearly 11 percent this year. More here.