Pending sales recover but annual gain shrinks

Pending sales

Pending sales By Jann Swanson | Mortgage News Daily

Countering an earlier disappointing report on existing home sales in February, pending home sales reached their highest levels in seven months countering an earlier disappointing report on existing home sales in February, pending home sales reached their highest levels in seven months. The National Association of Realtors® said that its Pending Home Sales Index (PHSI), a measure based on signed home purchase contracts, rose 3.5 percent in February.

This followed both a January PHSI that dropped by 2.5 percent (and was revised down further today) and last week’s report on February existing home sales that fell 7.1 percent. The PHSI is a forward-looking indicator that is generally expected to predict future home sales. Contract signings generally result in closed transactions in about two months.

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