Thursday, August 27, 2020

NAR: Pending Home Sales Increase 5.9% in July

by Calculated Risk on 8/27/2020 10:03:00 AM

From the NAR: Pending Home Sales Rise 5.9% in July

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 5.9% to 122.1 in July. Year-over-year, contract signings rose 15.5%. An index of 100 is equal to the level of contract activity in 2001.
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The Northeast PHSI grew 25.2% to 112.3 in July, a 20.6% jump from a year ago. In the Midwest, the index rose 3.3% to 114.6 last month, up 15.4% from July 2019.

Pending home sales in the South increased 0.9% to an index of 142.0 in July, up 14.9% from July 2019. The index in the West rose 6.8% in July to 106.4, up 13.2% from a year ago.
emphasis added
This was slightly above expectations for this index. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in August and September.