by Bill McBride on 2/27/2012 10:07:00 AM
Monday, February 27, 2012
From the NAR: January Pending Home Sales Rise, Market on Uptrend
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.December was revised down from 96.6, so most of the 2% increase was due to the downward revision. Without the downward revision, this was below the consensus of a 1.5% increase.
The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.
Contract signings usually lead sales by about 45 to 60 days, so this is for sales in February and March.
Posted by Bill McBride on 2/27/2012 10:07:00 AM