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Pending Home Sales Fall for Sixth Straight Month

Pending Home Sales Fall for Sixth Straight Month

The National Association of Realtors® (NAR) says its Pending Home Sales Index (PHSI) in April represents a sixth consecutive monthly decline. The Index, based on signed contracts to purchase existing homes, slid 3.9 percent from March to a 99.3 reading. Both new and existing home sales also experienced significant drops during the month. In October, the last time pending sales posted a gain, the index was at 125.1. The An index of 100 is equal to the level of contract activity in 2001. The PHSI has now been lower than during the same period a year earlier for 11 consecutive months. Last month’s index was 9.1 percent below the April 2021 level. [pendinghomesdata] “Pending contracts are telling, as they better reflect the timelier impact from higher mortgage rates than do cl
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