Economic Update: Pending Home Sales Index
National Association of Realtors reports that their Pending Home Sales Index for June fell by -1.4%, which was below the consensus expectations for an increase of +0.9% and last month’s increase of +5.4%. (April: -5.5%, March: +3.8%, February: +0.4%, January: +2.0%)
The current level of sales is 9.5% 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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