Home Sales Contracts Fall

The National Association of Realtors said today that its index of sales agreements fell 1.2 percent in August.

Real estate contract signings fell across most of the country, and here in the West they were off 2.4 percent.

Real estate contract signings are widely watched as a sign of where the housing market is headed. There’s typically a one- to two-month lag between a contract and a completed deal. So, today’s drop may be sign that housing is going to have a down Fall & Winter period.