By Jann Swanson | Mortgage Daily News
The PHSI ended a three-month decline in June, rising 0.3 percent followed by a 0.9 percent increase in July.
The PHSI is based on contracts signed during the month to purchase existing single-family houses, condos, and cooperative apartments. It is a leading indicator of those sales which are expected to close over the following 30 to 60 days. NAR will report September’s existing sales on October 19.
“Mortgage rates have been rising above 7 percent since August, which has diminished the pool of home buyers,” said Lawrence Yun, NAR chief economist. “Some would-be home buyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.”