Pending Home Sales Index

Channel News Asia  Dec 27  Comment 
WASHINGTON: Contracts to buy previously owned homes edged higher in November, boosted by job growth across a strengthening economy. The National Association of Realtors said on Wednesday (Dec 27) its pending home sales index rose to a reading of...
Wall Street Journal  Mar 29  Comment 
The National Association of Realtors pending home sales index climbed 5.5% in February, its highest level since April 2016.  Mar 29  Comment 
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The market is keenly waiting for the Pending home sales index as well as a couple of Fed speeches on Wednesday. The early indication from Future Index market point to a mixed opening for Wall Street. Asian...  Mar 24  Comment 
WASHINGTON (dpa-AFX) - After reporting a steep drop in U.S. pending home sales in the previous month, the National Association of Realtors released a report on Wednesday showing that pending sales rebounded by much more than expected in the month...
Yahoo  Feb 27  Comment 
Contracts to buy previously owned U.S. homes dropped in January on a shortage of inventory in the Midwest and West regions, the National Association of Realtors said on Monday. The NAR said its pending home sales index, based on contracts signed...  Jan 30  Comment 
WASHINGTON (dpa-AFX) - With increases in the South and West offset weakening activity in the Northeast and Midwest, the National Association of Realtors released a report on Monday showing that pending home sales increased by much more than...  Dec 28  Comment 
WASHINGTON (dpa-AFX) - With an upswing in mortgage rates and a lack of inventory dispiriting some would-be homebuyers, the National Association of Realtors released a report on Wednesday unexpectedly showing a sharp pullback in U.S. pending home...
Benzinga  Dec 28  Comment 
The Johnson Redbook Retail Sales Index for the latest week will be released at 8:55 a.m. ET. The pending home sales index for November is schedule for release at 10:00 a.m. ET. The Treasury is set to auction 5-year notes at 1:00 p.m....


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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]


  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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