Thursday, April 27, 2017

NAR: Pending Home Sales Index decreased 0.8% in March, up 0.8% year-over-year

by Bill McBride on 4/27/2017 10:00:00 AM

From the NAR: Pending Home Sale Dip 0.8% in March

The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 0.8 percent to 111.4 in March from 112.3 in February. Despite last month's decrease, the index is 0.8 percent above a year ago.
...
The PHSI in the Northeast decreased 2.9 percent to 99.1 in March, but is still 1.8 percent above a year ago. In the Midwest the index declined 1.2 percent to 109.6 in March, and is now 2.4 percent lower than March 2016.

Pending home sales in the South rose 1.2 percent to an index of 129.4 in March and are now 3.9 percent above last March. The index in the West fell 2.9 percent in March to 94.5, and is now 2.7 percent below a year ago.
emphasis added
This was below expectations of a 0.4% decrease for this index. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in April and May.