Thursday, July 26, 2012

NAR: Pending home sales index decreased 1.4% in June

by Bill McBride on 7/26/2012 10:00:00 AM

From the NAR: Pending Home Sales Slip in June, Remain Above a Year Ago

The Pending Home Sales Index, a forward-looking indicator based on contract signings, slipped 1.4 percent to 99.3 in June from a downwardly revised 100.7 in May but is 9.5 percent higher than June 2011 when it was 90.7. The data reflect contracts but not closings.

The PHSI in the Northeast fell 7.6 percent to 76.6 in June but is 12.2 percent higher than a year ago. In the Midwest the index slipped 0.4 percent to 94.4 in June but is 17.3 percent above June 2011. Pending home sales in the South declined 2.0 percent to an index of 106.2 in June but are 8.8 percent above a year earlier. In the West the index rose 2.6 percent in June to 111.5 and is 3.0 percent higher than June 2011.
This was below the consensus forecast of a 0.9% increase for this index.

Contract signings usually lead sales by about 45 to 60 days, so this is for sales in July and August.

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