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Economic Update: Pending Home Sales Index
National Association of Realtors reports that their Pending Home Sales Index for April fell by -5.5%, which was below than the consensus expectations for an increase of +1.0%. The decline follows three consecutive months of gains.
In addition, the March number was revised lower to +3.8% from +4.1%. (February: +0.4%, January: +2.0%, December: -3.5%, November: +7.3%, October: +10.4%, September: -4.6%, August: -1.2%, July: -1.3%, June: +2.4%, May: +8.2%.)
The current level of sales is 14.4% above year ago levels.
Cancellations continue to run higher.
The NAR's Pending Home Sales Index (PHSI) is designed to be a leading indicator of housing activity. The index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.
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Other stories on the U.S. Economy to review:
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Consumer Confidence Down in May
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Case-Shiller Home Price Index Falls
- UofM’s Consumer Confidence Upticks
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