US pending home sales decline unexpectedly in September

US pending home sales fell for the second consecutive month in September, data released on Thursday showed.

The index from the National Association of Realtors (NAR) declined 2.3% month-on-month in September compared with a 1.4% decline in the previous month and with analysts’ expectations for a 1% increase.

The decline took the index to its second-lowest level of 2015, though it remained 3% higher year-on-year.

On a year-on-year basis, pending home sales rose 2.5% compared with a downwardly revised 6.6% gain in August and analysts’ expectations for a 7.4% gain.

"Pending home sales have declined for two consecutive months now," said analysts at Barclays.

"With about 80% of them likely turning into existing home sales transactions in the next two months, we see today’s data as suggesting some softness in home sales in the fourth quarter."