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Pending Home Sales Index
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Definition
The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. As such, 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
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| Released on
5/2/06
For
Mar 2006 |
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Pending Home Sales Index
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| Actual |
-1.2%
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| Previous |
-0.8
%
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Highlights
The pending home sales index fell 1.2% in March to 116.2 with a year-on-year decline of 6.0%. Pending sales were weak across all regions but especially in the West. The report, which measures the number of contracts signed in March, attributed the decline to rising mortgage rates, and said the dip points to slowing home sales in the months ahead. Data on the housing sector have been both up and down lately but the general outlook continues to call for slowing.
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