Pending Home Sales Improve in July

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Economic Update: Pending Home Sales Index

National Association of Realtors reports that their Pending Home Sales Index for July rose by +2.4%, which was above the consensus expectations for an increase of +0.3% and last month’s decline of -1.4% (May: +5.4%, April: -5.5%, March: +3.8%, February: +0.4%, January: +2.0%)

The current level of sales is 12.4% above year ago levels and at their highest level since April 2010, which was just before the homebuyer tax credit expired.

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:

• Q2 GDP Revision Shows Economy Grew at 1.7% Rate
  
• Orders for Durable Goods Up Again in July
  
• Flash Manufacturing PMI Improves Slightly in August
  
• Existing Home Sales Rebound in July
  
• LEI Above Expectations in July
  
• Philly Fed Index Upticks but is below Zero Again
  
• Housing Starts Down and Building Permits Up in July
  
• Industrial Production, Capacity Utilization Up in July
  
• Empire Manufacturing Dives in August
  
• CPI Remained Flat in July
  
• Retail Sales Rebound in July
  
• PPI Hotter Than Expected in July
  
• NFIB Small Business Optimism Sags
  
• Wholesale Inventories Decline - And Yes, you should Care
  
• Q2 Worker Productivity and Labor Costs Rise
  
• ISM Services Perks Up
  
• Job Growth Improves in July
  
• Factory Orders Miss Mark in June
  
• Challenger Planned Job Cuts Drop in July
  
• ISM Manufacturing Still Sub-50 in July
  
• ADP Employment Report Surprises to Upside in July
  
• Consumer Confidence Perks Up in July, But...
  
• Chicago PMI Headline BTE, But Employment Dives
  
• Personal Income Up, Spending Flat in June

 

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