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Resource Center » U.S. & International Recaps | Release Dates | Why Investors Care | Today's Calendar
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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
3/6/08
For
Jan 2008 |
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Pending Home Sales Index - M/M
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| Actual |
0.0%
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| Previous |
-1.5
%
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Highlights
The pending home sales index held steady in January, unchanged at 85.9 for a year-on-year decrease of 19.6, a very sizable dip but less severe than December's 24.2 drop. The month-to-month result together with the year-on-year improvement may raise some hopes that the housing sector has stabilized. The pending home sales report offers a glimpse into existing home sales in coming months. Existing homes data proved very weak in January at a year-on-year decline of 23.4 percent. Existing home sales for February will be released Monday, March 24. Treasury yields dipped slightly as did stocks and the dollar in immediate reaction to today's report.
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