Pending Sales Hit Highest Levels Since 2017

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Posted To: MND NewsWire

Pending home sales posted a solid increase for the second straight month in September, more than doubling analysts’ expectations. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose to 108.7 from 107.3 the previous month, a gain of 1.5 percent. The results were 3.9 percent higher than in August 2018 and marked the fourth time the index increased in the last five months. The PHSI, a measure of contracts signed for the purchase of existing homes, is a leading indicator of future sales. Contracts are generally expected to become final within one to two months. The PHSI increased by 1.6 percent in August and analysts, while primarily expecting sales to increase, had forecast in a range of -0.8 percent to a 1.0 percent gain. The consensus of those polled…(read more)

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