Pending home sales highest in 13 months

By Jann Swanson | Mortgage News Daily

Pending home sales, while increasing only slightly in September, exceeded those of a year earlier, the first time in 11 months this has occurred. The National Association of Realtors® (NAR) also said that its Pending Home Sales Index (PHSI), which rose 0.3 percent to 105.0 is at its second-highest level since last August.

The index is a forward indicator based on contracts signed for the purchase of a home. The September reading is 1.0 higher than in September 2013 and it is the fifth consecutive month in which the PHSI has exceeded 100. Contract signings are generally expected to turn into home sales within 60 to 90 days.

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October 28, 2014

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Pending home sales highest in 13 months

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