Posted To: MND NewsWire
Pending home sales failed to rise as expected in May, the third straight month that measure has declined. The National Association of Realtors'® (NAR's) Pending Home Sale Index (PHSI) dipped 0.8 percent compared to April, on top of a 1.3 percent downturn that month. The index is now 1.7 percent below its level in May 2016, the second consecutive month annual sales have been down. The PHSI is a leading indicator of existing home sales based on signed home purchase contracts. The Index lever was 108.5 in May, and the April index was revised down from the 109.8 originally reported to 109.4. Analysts polled by Econoday had expected the PHSI to increase from 0.4 to 0.8 percent. The consensus was for a one-half point gain. NAR said the decline was the result of ongoing supply shortages and resulting...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/2tkIJbq
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