Housing Sentiment Lukewarm; Pending Sales Slide; Rates Lowest in Over a Week
The leading indicator for existing home sales continued to struggle in August and for the fourth time in the last five months purchase contract executions fell back from those in the previous month. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), which is based on contract signings, dropped 1.8 percent to 104.2 from the July reading of 106.2. NAR said it was also the eighth straight month that its index was lower year-over-year. The August reading was down 2.3 percent from the level in August 2017. Expectations were not high for the August report. The consensus of analysts polled by Econoday was for the PHSI to be unchanged from July. The actual results were below even the lowest of analysts estimates which ranged from an 0.5 percent decline to a 2
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