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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
7/3/07
For
May 2007 |
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Pending Home Sales Index - M/M
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| Actual |
-3.5%
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| Previous |
-3.2
%
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Highlights
The pending home sales index fell 3.5 percent in May to 97.7, making for a year-on-year decline of 13.3 percent and yet another reminder of the severity of the housing slowdown. This index is not indicating much stability yet in the sector, as May's decline follows a 3.4 percent drop in April. Tightening lending standards and rising interest rates are putting new pressure on housing demand. Housing data will be scarce the next week or so picking up again at mid-month with NAHB's housing market index for June.
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