Pending Home Sales Set Stage for Solid Summer Sales

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Posted To: MND NewsWire

Pending home sales got back on track in May , increasing by 1.1 percent after a 1.5 percent setback in April. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a measure of newly signed contracts for home purchase, rose from 104.3 in April to 105.4 last month. The May increase, the third in four months, was still not enough to pull pending sales above the 2018 level of activity. The PHSI was down 0.7 percent compared to the previous May, marking the 17 th straight month of annual decreases. Three of the four major regions saw growth in contract activity, with the West experiencing a slight sales decline. Pending sales were expected to increase in May and the results were at the top of the predictions from analysts polled by Econoday . Their forecasts…(read more)

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