2013 Economic Calendar
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Pending Home Sales Index
Released On 10/28/2013 10:00:00 AM For Sep, 2013
PriorPrior RevisedConsensusConsensus RangeActual
Pending Home Sales Index - Level107.7 107.6 101.6 
Pending Home Sales Index - M/M-1.6 %-1.6 %0.0 %-2.0 % to 3.5 %-5.6 %

Highlights
The housing market is supposed to be a center of strength for the economy but one couldn't tell from the pending home sales report which has been down, not up, for 4 months in a row. Pending home sales fell to an index level of 101.6 vs 107.6 in August for a very sharp 5.6 percent decline. Details show declines across all regions.

Year-on-year, the index is down 1.2 percent for the first negative reading in nearly 2-1/2 years. The National Association of Realtors (NAR), which compiles the report, cites as a major factor the government shutdown which it says pushed government workers and contractors to the sidelines of the housing market.

Final sales of existing home sales had been slightly stronger than pending home sales but not by much, and the NAR says today's report points to no better than a flat trend for final sales through the 4th quarter. One important factor constraining sales has been the rise underway in home prices, the result of thin supply on the market. Case-Shiller data on home prices will be posted on the Econoday calendar tomorrow at 9:00 a.m. ET. Markets are little changed following today's results.

Market Consensus before announcement
The pending home sales index declined 1.6 in August, following a 1.4 percent decline in July. The pending home sales index was at the lowest level since April and followed a rush of gains that the National Association of Realtors (NAR) tied to rising rates as nervous buyers rushed into the market before rates moved even higher. The NAR, in a downbeat outlook, sees slower sales ahead along with tight inventory and higher prices. However, the outlook might improve as rates have eased a bit after the Fed chose not to taper in its policy decision on September 18.

Definition
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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