Pending Home Sales Much Lower Than Expected

Posted To: MND NewsWire

And we have a trifecta! All three of the home sales indicators for December have now come in positive, although the latest, pending sales, did so leaving claw marks on the scales. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) eked out a 0.1 percent advance over November. The median forecast called for a 0.8 percent increase. Existing home sales and new home sales, both reported within the last week, had month-over-month increases in the double digits. The PHSI, a forward looking indicator based on contract signings, registered 06.8 for the month, 4.2 percent higher than a year ago. The index has increased year-over-year for 16 straight months . At the same time, NAR revised its original index for November down from 106.9 to 106.7. The December gain...(read more)

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