Wednesday, December 31, 2014

NAR: Pending Home Sales Index increased 0.8% in November, up 4.1% year-over-year

by Bill McBride on 12/31/2014 10:02:00 AM

From the NAR: Pending Home Sales Show Modest Gain in November

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 0.8 percent to 104.8 in November from a slightly downwardly revised 104.0 in October and is now 4.1 percent above November 2013 (100.7) – the highest year-over-year gain since August 2013 (5.6 percent).
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The PHSI in the Northeast rose 1.4 percent to 89.1 in November, and is now 7.0 percent above a year ago. In the Midwest the index decreased 0.4 percent to 100.0 in November, and is now 0.5 percent below November 2013.

Pending home sales in the South rose 1.3 percent to an index of 119.7 in November, and are 5.1 percent above last November. The index in the West increased 0.4 percent in November to 98.5, and is now 4.9 percent above a year ago.
Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in December and January.