Investing.com - The number of Americans who signed contracts to buy previously-owned homes fell last month, according to a report released on Monday, but contract signings were still at their second-highest level of the past year.
The National Association of Realtors reported that its pending home sales index, based on contracts signed in the previous month, fell 1.0% to 104.7 in August, down from 105.8 in July.
Economists had expected the index to tick down 0.1% last month.
All major regions experienced declines except for the West, which rose for the fourth consecutive month, the report said.
“Fewer distressed homes at bargain prices and the acknowledgement we’re entering a rising interest rate environment likely caused hesitation among investors last month,” Lawrence Yun, NAR chief economist said.
"With investors pulling back, the market is shifting more towards traditional and first-time buyers who rely on mortgages to purchase a home.”
Following the release of the data, the US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.13% to 85.66, off the four year peak of 85.93 hit earlier Monday.
Meanwhile, U.S. equities were broadly lower. The Dow 30 was down 0.81%, the S&P 500 was off 0.79%, while the NASDAQ 100 lost 0.82%.