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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
7/6/06
For
May 2006 |
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Pending Home Sales Index
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| Actual |
1.3%
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| Previous |
-3.7
%
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Highlights
Pending home sales index was up 1.3 percent to 113.4. This was the first increase in the index since January. The index had declined by a revised 3.6 percent in April. The index was up in the Midwest (0.6 percent) and in the West (9.9 percent). However it was down in the Northeast (-0.6 percent) and the South (-1.7 percent). Although one month does not make a trend, an increase in the overall index will be taken as a positive sign to those worried about the stamina of housing sales.
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