NAR: Pending home sales index declined 2.6% in August

NAR: Pending home sales index declined 2.6% in August

by Bill McBride on 9/27/2012  

From the NAR: Pending Home Sales Decline in August

The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 2.6 percent to 99.2 in August from an upwardly revised 101.9 in July but is 10.7 percent above August 2011 when it was 89.6. The data reflect contracts but not closings.

The PHSI in the Northeast rose 0.9 percent to 78.2 in August and is 19.9 percent above August 2011. In the Midwest the index declined 2.6 percent to 95.0 in August but is also 19.9 percent higher than a year ago. Pending home sales in the South slipped 1.1 percent to an index of 110.4 in August but are 13.2 percent above August 2011. With broad inventory shortages in the West, the index fell 7.2 percent in August to 102.5 and is 4.2 percent below a year ago.

This was below the consensus forecast of a slight increase.

Contract signings usually lead sales by about 45 to 60 days, so this is for sales in September and October.

Read more at http://www.calculatedriskblog.com/2012/09/nar-pending-home-sales-index-declined.html

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