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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
11/13/07
For
Sep 2007 |
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Pending Home Sales Index - M/M
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| Actual |
0.2%
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| Previous |
-6.5
%
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Highlights
September's index for pending home sales inched 0.2 percent higher to 85.7. But a look at the year-on-year rate -- down 20.4 percent -- tells a more meaningful story. Still today's data are at least no worse than trend with the year-on-year decline comparing against a 21.5 percent drop for August. There's also some positive indications in the regional data which show an uptick in the Midwest and South. The text of the report is slightly upbeat, predicting steady conditions in the near term and a modest recovery in 2008. The data are based on sales contracts for existing homes signed in September and offer an indication of existing home sales data in subsequent months. Existing home sales data for October will be released in two weeks.
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