U.S. September Pending Sales Of Existing Homes Drop More Than Expected By 4.6%

November 7, 2008 3:02 p.m. EST

Washington, D.C. (AHN) - Pending U.S. home sales dropped more than anticipated in the month of September, following a rise the prior month, amid financial crisis.

The index of pending home resales dropped by 4.6 percent to 89.2, according to a report by the National Association of Realtors on Friday.

The index was up by 7.4 percent in the month of August. The pending U.S. home sales index is 1.6 percentage points higher than the year ago period.

The market analysts on Wall street had expected the pending U.S. home sales index in September to fall by 3.4 percent and to be at 90.6 reading.