Painfully Low Inventory Saps Pending Home Sales

Posted To: MND NewsWire

Is there mostly good news in the negative number for March pending home sales? The National Association of Realtors says yes. The NAR’s Pending Home Sales Index (PHSI) dipped by 0.8 percent to 111.4 in March from 112.3 in February but NAR says, while this was a slight decrease in momentum, “pending home sales maintained their recent high level.” The index is remains 0.8 percent higher than a year ago. The PHSI is a forward-looking indicator based on signed contracts to purchase existing homes. Those contracts are generally expected to result in closed sales within 60 days. The downturn was not unexpected. Pending home sales have moved up and down regularly in recent months, pretty accurately predicting, as they are designed to do, the see-saw behavior of existing home sales. Econoday’s poll…(read more)

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Source: Mortgage News Daily

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