Tiny Increase Ends Three-Month Pending Sales Drought
Pending home sales pulled out of a three-month spiral in June but with only a fractional increase from May. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) ticked up 0.3 percent thanks to increased activity in the Northeast and Midwest. When it posted its last increase in February, the PHSI stood at 83.2. In June the level was 76.8. The index has fallen 15.6 percent since May 2022.
The PHSI, a leading indicator for the housing sector, is based on contracts signed to purchase existing homes. Those sales are typically finalized within one or two months. The PHSI was benchmarked at 100 in 2001, a number equal to the average level of contract activity during that year.
The incremental increase led NAR Chief Economist Lawrence Yun to strike a positiv
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