Pending Sales Fall 3.7% in May on Contracting Inventories

Posted To: MND NewsWire

Pending home sales hit the skids in May, following three straight months of increases. The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI) , a forward looking indicator based on contract signings for home purchases, declined by 3.7 percent from April to 110.8 in May. The May reading is also 0.2 percent below that in May 2015. It was the first time the year-over-year number decreased after 20 straight months of gains that started in August 2014. The April PHSI, originally reported as a 5.1 percent gain was revised down to a 3.9 percent increase. NAR said all four regions experienced a cutback in contract activity in May and three of the four came in at or below their May 2015 levels. Analysts surveyed by Econoday had been looking for a slowdown, but...(read more)

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