Pending Sales at 10-Month High, but Weakening in The West

Posted To: MND NewsWire

Pending home sales rose for the second straight month in March although the increase was less than in February. The National Association of Realtors® said on Wednesday that its Pending Home Sales Index (PHSI) rose 1.4 percent in March to 110.5. The increase in February was 3.5 percent. The March gain brought the index up by 1.4 percent from a year earlier as well, making March the 19 th consecutive month in which the index has increased on an annual basis and to its highest reading since May 2015 when it was 111.0. The February PHSI, originally reported at 109.1 was revised slightly to 109.0 The PHSI is a forward looking indicator based on contracts signed for the purchase of existing homes. Those pending contracts are generally expected to close as sales within two months. Analysts polled...(read more)

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