Pending Home Sales Up in May

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Economic Update: Pending Home Sales Index

National Association of Realtors reports that their Pending Home Sales Index for May rose by +5.9%, which was above the consensus expectations for an increase of +0.9% and last month’s decline of -5.5%. (March: +3.8%, 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 13% above year ago levels.

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 US Economy to review:

• Durable Goods Up for First Time in 3 Mos
  
• Richmond Fed Index Declines for Third Month
  
• Consumer Confidence Falls Again in June
  
• Case-Shiller Home Price Index Improves
  
• Chicago Fed National Activity Index Falls in May
  
• Existing Homes Sales Fall But Prices Rises
  
• LEI Rises in May: Points to "Muddle Through"
  
• Philly Fed Plunges in June
  
• Flash PMI in US Shows Manufacturing Growth Slowing
  
• Housing Starts Down But Permits Up Strong
  
• UofM's Consumer Sentiment also Weak
  
• Industrial Production and Capacity Utilization Below Expectations
  
• Empire Manufacturing Disappoints in June
  
• CPI Declines in May
  
• Business Inventories Above Expectations in April
  
• Retail Sales Fall Across Board in May
  
• PPI Shows Inflation Fell at Producer Level in May
  
• NFIB Small Business Optimism Pulls Back
  
• ISM Non-Manufacturing Index Above Expectations
  
• Some Good News: Employment Trend Index Moves Up
  
• May Jobs Report Disappoints Big Time
  
• ISM Report Shows Growth Slowing
  
• Q1 GDP Revised Lower

 

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