Monday, June 29, 2015

NAR: Pending Home Sales Index increased 0.9% in May, up 10% year-over-year

by Bill McBride on 6/29/2015 10:08:00 AM

From CNBC: Pending home sales rise 0.9% in May, highest level since 2006

Signed contracts to buy existing homes, so-called pending home sales, rose just 0.9 percent in May from April, according to the National Association of Realtors, after a downward revision to April's reading. That is slightly lower than analysts predicted, but is still the highest level on the association's index since April of 2006. Pending sales are now 10.4 percent higher than one year ago.
This was close to expectations of a 0.6% increase.

Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in June and July.