Mixed signals in national pending sales

National pending home sales were a mixed bag in August.

Year-over-year, pending sales were up a robust 6.1 percent, according to data released Monday by the National Association of Realtors.

That marks 12 consecutive months that pending sales – meaning a contract of sale has been signed but the transaction has not been officially completed – have been up compared with the previous year.

Month-over-month, however, was another matter. Pending sales were down 1.4 percent in August, the Chicago-based association reported.

Not to worry, says one locally economist who watches the housing market carefully.

“It’s an anomaly,” said Jordan Levine, economist and director of economic research for Beacon Economics in Los Angeles. “These monthly reports tend to jump around a little bit, but if you look at the housing market the indicators are strong: prices are up and builders are getting more permits.

“Everything in the market points to more housing growth.”

Single-family home sales should maintain their current pace during the next few months, although there are some potential pitfalls looming, said Lawrence Yun, the association’s chief economist.

“The possibility of a government shutdown and any ongoing instability in the equity markets could cause some households to put off buying for the time being,” Yun said in a statement. “Furthermore, adapting to the changes being implemented next month in the mortgage closing process could delay some sales.”