US pending home sales decline to five-month low in August

US pending home sales fell unexpectedly last month to reach their lowest-level in five months, data released on Monday showed.

The index from the National Association of Realtors (NAR) declined 1.4% month-on-month in August to 109.4 compared with analysts’ expectations for a 0.4% gain and with a 0.5% increase in the previous month.

"Pending sales have leveled off since mid-summer, with buyers being bounded by rising prices and few available and affordable properties within their budget," said Lawrence Yun, chief economist of the National Association of Realtors

On a year-on-year basis, US pending homes sales grew 6.7% compared with consensus for an 8.0% increase and with a 7.2% year-on-year gain in July.