The National Association of Realtors (NAR) Monday morning released its data on pending sales of existing homes for August. The pending home sales index slipped 1.4% to 109.4 from a July reading of 110.9. The index has now risen for six of the past eight months. The August reading was up 6.1% year over year.

The consensus estimate called for a month-over-month increase of 0.5% in pending sales. The index reflects signed contracts, not sales closings. An index reading of 100 equals the average level of contract signings during 2001.

The index has been above 100 (the “average” reading) for 12 straight months.

The NAR’s chief economist noted:

Pending sales have leveled off since mid–summer, with buyers being bounded by rising prices and few available and affordable properties within their budget. Even with existing–housing supply barely budging all summer and no relief coming from new construction, contract activity is still higher than earlier this year and a year ago.

By region, home sales decreased by 5.6% to an index score of 93.3 in the Northeast but remains 8.9% higher than in August of 2014. In the South, sales fell 2.2% to an index score of 121.5, still up 4.1% over a year ago.

Sales rose by 1.8% in the West to 104.9, and they are now up 7.6% compared with August 2014. Sales in the Midwest ticked down 0.4% to an August index score of 107.4, still 7.6% higher than a year ago.

The national median existing-home price for all housing types in 2015 is expected to increase around 5.8% to $220,300, down by $1,100 from the July projection. Total existing-home sales this year are forecast to increase 7% to around 5.28 million, about 25% below the prior peak set in 2005 (7.08 million), and down from a total of 5.29 million projected in July.

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