Pending Home Sales Stuck at 2-Year Lows

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Posted To: MND NewsWire

We called the August pending home sales report “the gloomiest in some time.” The best that can be said about the report released this morning for September is, at least it didn’t get any worse. The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI), which measures contracts for the purchase of existing homes, was at 106.0, matching the August reading, which was revised down from 106.3. The PHSI is a forward-looking index which is expected to be mirrored in closed transactions over the following two months. The expectations were for a slight increase in the index. The consensus among analysts speaking to Econoday was for an uptick of 0.4 percent. The range however was a wide one, -1.9 percent to +1.9 percent. The last increase in the PHSI was in June, and…(read more)

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