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September 14, 2005
PENDING HOME SALES DECLINE
While the Pending Home Sales Index (PHSI) hit its fifth highest reading on record in July, pending home sales have declined slightly, according to a recent report by NAR. Based on the number of transactions that have signed contracts but are not yet closed, the PHSI gauges home sales activity for upcoming months, as sales typically close within one or two months of contract signing. In July, the PHSI fell 1 percent below June's revised reading of 126.4 to 125.1 and stood 3.5 percent higher than the PHSI one year earlier. An index of 100 or more generally indicates a high level of home sales activity.
On a regional basis, the South led the nation with the highest PHSI at 139.2, an 8.3 percent increase above July 2004. Pending home sales also increased in the West, where the index rose 4.7 percent to 127.5. In the Midwest and Northeast regions, the PHSI declined to 113.6 and 109.0, respectively. Full article on Realtor.com
Posted by QiRealtyEditor at September 14, 2005 10:21 AM