2013 Economic Calendar
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Pending Home Sales Index  
Released On 1/28/2013 10:00:00 AM For Dec, 2012
PriorPrior RevisedConsensusConsensus RangeActual
Pending Home Sales Index - M/M1.7 %1.6 %-0.3 %-1.5 % to 2.5 %-4.3 %
Pending Home Sales Index - Level106.4 106.3 101.7 

Limited supply of homes for sale is increasingly taking the steam out of the housing market. Pending sales of existing homes fell 4.3 percent in December to pull the year-ago comparison, which had been trending in the double digits, down to plus 6.9 percent. Today's results point to a bumpy path for home sales going into this year.

Regional data show wide declines especially in the West where the National Association of Realtors is stressing that a lack of supply of homes below $100,000 is a special factor constraining sales.

But the lack of supply isn't hurting home prices, which are expected to a big positive for the 2013 economy. S&P Case-Shiller data will be posted tomorrow. The Dow is moving to opening lows following today's report.

Consensus Outlook
The pending home sales index for November rose a solid 1.6 points to 106.4. Aside from gains during the tax credit year of 2010, the current reading is the highest since the bubble days of 2007. Fewer distressed properties on the market and very low interest rates are boosting the sector. The latest index figures translate to a 1.7 percent rise in November, following a 5.0 percent jump the month before.

The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. Specifically, it is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. It usually takes four to six weeks to close a contracted sale.  Why Investors Care

2013 Release Schedule
Released On: 1/282/273/274/295/306/277/298/289/2610/2811/2512/30
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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