Realtors Expect Pending Sales to Improve in 2019

Posted To: MND NewsWire

Pending home sales were down again in December , falling below the Pending Home Sale Index's (PHSI's) benchmark 100 level to 99.0. The index was at 101.2 in November. The 2.2 percent month-over-month decline follows losses of 0.7 percent and 2.6 percent in the previous two months. The National Association of Realtors® (NAR) said its index is down 9.8 percent from its level in December 2017, marking the 12 th straight month of annual decreases. The PHSI is a forward-looking indicator based on signed contracts for existing home purchases. Pending sales are expected to translate into closed transactions within one to two months. Analysts polled by Econoday had expected the PHSI to gain 0.3 percent. Individual forecasts ranged from -0.4 percent to 0.4 percent. Lawrence Yun, NAR chief economist...(read more)

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