2017 Economic Calendar
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Pending Home Sales Index  
Released On 9/27/2017 10:00:00 AM For Aug, 2017
PriorConsensusConsensus RangeActual
Pending Home Sales Index - M/M-0.8 %-0.2 %-0.6 % to 1.2 %-2.6 %
Pending Home Sales Index - Level109.1 106.3 

Existing home sales have been on the decline as signaled all along by the pending home sales index which is down a very steep 2.6 percent in the latest reading which is for August. Hurricane Harvey's late August hit on Texas didn't help pending sales in the South which fell 3.5 percent but pending sales show across-the-board weakness: Northeast down 4.4 percent, Midwest down 1.5 percent, and the West down 1.0 percent.

Pending sales nationwide are down a year-on-year 2.6 percent while final sales of existing homes are down 1.7 percent. The pending index has been on a tailspin this year, peaking at 112.3 in February and now down at 106.3 for a year-to-date decline of 5.3 percent. New home sales, along with sales of existing homes, have also been moving lower making for a housing sector that is visibly stumbling into year end. The cause? It's not mortgage rates which are very low nor employment which is very strong. High asking prices, however, are one factor as is soft wage growth.

Consensus Outlook
Pending sales have been accurately forecasting this year's steady weakness in the existing home sales report. The South, by far the largest housing region, was very weak in July and probably won't be getting any help in August from Hurricane Harvey. After July's 0.8 percent dip, the Econoday consensus for the August pending sales index is a dip of 0.2 percent.

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

2017 Release Schedule
Released On: 1/302/273/294/275/316/287/318/319/2710/2611/2912/27
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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