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The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Monday. Pending home sales in the U.S. slid 1.4% in August, missing expectations for a 0.5% gain, after a 0.5% rise in July.
The decline was partly lead by a drop in the Northeast.
"Pending sales have levelled 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," the NAR's chief economist Lawrence Yun said.
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