2012 Economic Calendar
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Pending Home Sales Index  
Released On 10/25/2012 9:00:00 AM For Sep, 2012
 PriorConsensusConsensus RangeActual
Pending Home Sales Index - M/M-2.6 %2.5 %0.9 % to 4.0 %0.3 %
Pending Home Sales Index - Level99.2 99.5 

Sales growth for existing homes has been lagging sales growth for new homes and looks to continue to lag based on September's modest 0.3 percent rise for pending sales of existing homes. The National Association of Realtors says the result points to no more than "minor movement" for near-term sales of existing homes, though the group believes that underlying fundamentals, which include low mortgage rates, are positive with sales likely to re-assert their uptrend through next year. Final sales of existing homes, data released last week, dipped back in September following two prior months of convincing gains. The Dow is little changed following today's report.

Consensus Outlook
The pending home sales index fell 2.6 percent in August. Low supply of houses on the market is a key factor holding down sales as are firming prices. Regional data showed a sharp fall for pending sales in the West where supply is especially tight. The Midwest and South also showed declines in the month with the Northeast showing a gain.

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


2012 Released Schedule
Released On: 1/252/273/264/265/306/277/268/299/2710/2511/2912/28
Release For: DecJanFebMarAprMayJunJulAugSepOctNov

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