Pending home sales have diminished to the lowest level in nearly 2 years. Although recent hurricanes hurt activity in the South, a quick recovery is expected for the region.

In September, the Pending Home Sales Index — an indication of upcoming single-family home sales based on contract signings — landed at a seasonally adjusted 106.0.

While the index was unchanged from the downwardly revised level the prior month, it still remains at its lowest level since it was an upwardly revised 104.7 in January 2015 — a 17-month high at the time.

Source: Mortgage Daily