2018 Economic Calendar
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Pending Home Sales Index  
Released On 1/31/2018 10:00:00 AM For Dec, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Pending Home Sales Index - M/M0.2 %0.3 %0.5 %-0.3 % to 1.0 %0.5 %
Pending Home Sales Index - Level109.5 109.6 110.1 

Existing home sales, the result of very tight supply, have been flat though today's pending home sales index, up an as-expected 0.5 percent in December, does point to improvement ahead.

The South is by far the biggest region in resale activity and pending sales rose 2.6 percent in the month for what is still a moderate 4.0 percent year-on-year rate. Sales in the West rose 1.5 percent in the month but are down a yearly 3.1 percent. Sales in the Northeast and Midwest were down in the month and flat to slightly negative on the year.

Overall pending sales are up only 0.5 percent from December 2016 (same rate as the monthly gain), quite a contrast to new home sales which rose 14 percent last year. Still, today's report is a positive for resales where imbalance, that is lack of homes on the market, has been a striking feature.

Consensus Outlook
Pending home sales have been doing a good job of tracking final sales of existing homes, jumping in October and then leveling off in November vs what proved to be an actual surge in November and slight dip back in December. The Econoday consensus for December's pending sales index is a solid gain of 0.5 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

2018 Release Schedule
Released On: 1/312/283/284/305/316/277/308/299/2710/2511/2912/28
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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