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Pending Sales Lag 2017 for 5th Straight Month; Applications Fall Again; Rates Finally Move

Pending Sales Lag 2017 for 5th Straight Month; Applications Fall Again; Rates Finally Move

The number of new contracts for existing home sales barely made it onto the bottom rung of analysts' expectations in May. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) was down from the April reading of 106.4 to 105.9, an 0.5 percent decline. It is the second month in a row the forward-looking indicator has fallen and for the fifth straight month it lags its year-earlier level, this time by 2.2 percent. Analysts polled by Econoday had been looking for results ranging from a 0.5 percent decline to a positive change of 2.0 percent. The consensus was for an increase of 0.6 percent from April's reading. The PHSI is based on purchase contracts for existing single-family homes, townhomes, condos, and cooperative apartments. Those contracts are typically
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