Pending Home Sales Index

RECENT NEWS
Benzinga  Jun 29  Comment 
The National Association of Realtors (NAR) is set to release the Pending Home Sales Index for May at 10:00 a.m. ET, with expectations for a gain of 0.60 percent. Consensus estimates range from 0.0 to 3.0 percent according to Bloomberg. In April,...
Yahoo  May 28  Comment 
Contracts to buy previously owned U.S. homes rose for a fourth straight month in April to a nine-year high, buoying the outlook for the housing market. The National Association of Realtors said on Thursday its Pending Home Sales Index, based on...
Yahoo  May 28  Comment 
Contracts to buy previously owned U.S. homes rose for a fourth straight month in April to a nine-year high, buoying the outlook for the housing market and the overall economy. While other data on Thursday showed an unexpected increase in new...
Wall Street Journal  Apr 29  Comment 
A forward-looking gauge of U.S. home purchases rose for the third straight month in March, a sign of firming demand in the housing market.
USAToday.com  Mar 30  Comment 
NAR said its pending home sales index climbed 3.1% to its highest level since June 2013.
Yahoo  Feb 27  Comment 
Contracts to purchase previously owned U.S. homes rose to their highest level in 1-1/2 years in January, a hopeful sign that the sluggish housing recovery may be gaining speed. The National Association of Realtors said its pending home sales index...
SeekingAlpha  Oct 1  Comment 
By Dave Kranzler: The National Association of Realtors released its Pending Home Sales report for August this morning. It showed a decline in the pending home sales index both month to month from July and year over year vs. August 2013. The PHSI...
SeekingAlpha  Sep 30  Comment 
By Markos Kaminis: Don't believe the hype. Media and most reporters grabbed hold of the fact that the Pending Home Sales Index declined in August, and in so doing, missed the point that the modest decline still left the index near its highest...
Yahoo  Sep 29  Comment 
The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, fell 1.0 percent to 104.7. Economists polled by Reuters had expected a decline of just 0.1 percent.
Yahoo  Aug 28  Comment 
Americans signed more contracts in July to buy previously-owned homes than in any month in almost a year, suggesting the housing market was pulling out of its slump more quickly than expected. The National Association of Realtors (NAR) said on...




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The Pending Home Sales Index (PHSI) is released by the National Association of Realtors to measure housing contract activity. Released during the first week of each month, the index is based on signed real estate contracts for existing single-family homes, condos and co-ops. A pending sale is not counted as a sale until the transaction is closed. Hence, one must understand that pending home sales index is a leading indicator for existing home sales, not new home sales. It only helps to predict actual home sales activity as pending home sales generally become existing home sales one to two months later.[1]

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Both pending home sales and existing home sales dipped because of the credit crunch in 2007.[2]

Why is it important?

The index not only provides a gauge for housing demand, but also economic strength. Increase in the index shows that people are in good financial positions to purchase new homes. Furthermore, this index has a powerful multiplier effect through the economy. The multiplier effect can be seen from the realtor's point of view and also from the home buyer's point of view. Each time a home is resold, it will generate income for the realtors. Increase in income will lead to more consumption opportunities. As for the home buyers, consumer spending will also increase since they will have to purchase furniture and electrical appliances to furnish the new home. Trends in the pending sales data also has direct influence on stocks of home builders, mortgage lenders, and home furnishing companies.[3]

References

  1. National Association of Realtor: Pending Home Sales Index (PHSI)
  2. The big picture: Pending home sales index falls 6.8%
  3. Econoday: 2010 Economic Calendar
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