by Bill McBride on 5/30/2012 10:00:00 AM
Wednesday, May 30, 2012
The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 from a downwardly revised 101.1 in March but is 14.4 percent above April 2011 when it was 83.5. The data reflects contracts but not closings.This was below the consensus of a 0.5% increase for this index.
The PHSI in the Northeast rose 0.9 percent to 78.9 in April and is 19.9 percent higher than April 2011. In the Midwest the index slipped 0.3 percent to 93.0 but is 23.0 percent above a year ago. Pending home sales in the South fell 6.8 percent to an index of 105.7 in April but are 13.3 percent higher than April 2011. In the West the index dropped 12.0 percent in April to 94.9 but is 5.1 percent above a year ago.
Contract signings usually lead sales by about 45 to 60 days, so this is for sales in May and June.
Posted by Bill McBride on 5/30/2012 10:00:00 AM