Home Sales Crushed Expectations And Are Now Near a 2 Year High

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Posted To: MND NewsWire

Pending home sales bounced back last month after an unexpectedly dismal performance ended the prior year. The National Association of Realtors ® said its Pending Home Sales Index (PHSI), which had dropped 4.9 percent to 103.2 in December, posted a 5.2 percent increase last month to a reading of 108.8. This is 5.7 percent higher than the Index in January 2019. The PHSI is a forward-looking index based on contracts for existing home purchases. It is generally expected to predict existing home sales over the next several months. Pending sales rose in three of the four regions compared to December with a small dip in the West. All four regions bettered their year-earlier readings. An improvement in the PHSI was anticipated, although the results were at the top of the forecast range of 1.0 to…(read more)

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