Monday, December 30, 2013

Pending Home Sales Index increased 0.2% in November

by Bill McBride on 12/30/2013 10:00:00 AM

From the NAR: Pending Home Sales Edge Up in November

The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts but not closings
...
The PHSI in the Northeast declined 2.7 percent to 82.6 in November, but is 1.9 percent above a year ago. In the Midwest the index fell 3.1 percent to 100.6 in November, but is 0.4 percent higher than November 2012. Pending home sales in the South rose 2.3 percent to an index of 116.1 in November, and are 0.1 percent above a year ago. The index in the West increased 1.8 percent in November to 95.0, but is 8.7 percent below November 2012, in part from inventory constraints.
emphasis added
Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in December and January.

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