article thumbnail

Contract Signings Decline MoM as Pending Home Sales Dip 

Appraisal Buzz

A forward-looking measure of home sales based on contract signings, the Pending Home Sales Index (PHSI) fell to 70.2 in July, the lowest level since the index’s inception in 2001. The level of contract activity in 2001 is represented by an index of 100. “A Pending transactions decreased by 8.5% over the previous year.

Contracts 312
article thumbnail

Pending home sales plummet to all-time low in May: NAR

Housing Wire

An index of 100 is equal to the level of contract activity in 2001. According to industry analysts, this is the lowest index reading recorded since NAR began collecting the data in 2001. Experts attribute the drop in pending home sales to mortgage rate volatility.

Inventory 493
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Pending home sales bounce back in June: NAR

Housing Wire

A reading of 100 is equal to the level of contract activity in 2001. According to industry analysts, May’s index value was the lowest reading recorded since NAR began collecting the data in 2001. The index rose from a reading of 70.8 in May to 74.3 in June, although the latter reading was down 2.6% on an annual basis.

article thumbnail

Pending home sales fall 38% in November

Housing Wire

“Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates , which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home,” Lawrence Yun, NAR’s chief economist, said in a statement. On a month over month basis, all four of the major U.S.

Contracts 498
article thumbnail

The ugly side of housing: low inventory

Housing Wire

drop in the number of homes in contract from the prior month, according to new data from the National Association of Realtors. An index of 100 is equivalent to the level of pending sales in 2001. After eight months of consecutive gains, the consequences of low inventory finally caught up with the housing market in February.

Inventory 511
article thumbnail

Pending Home Sales Up for Fourth Consecutive Month

Appraisal Buzz

Year-over-year, contract signings increased in all four U.S. NARs Pending Home Sales Index (PHSI)a forward-looking indicator of home sales based on contract signingsadvanced 2.2% A PHSI reading of 100 is equal to the level of contract activity in 2001. regions, with the West leading the pack. in November. a year earlier.

Contracts 435
article thumbnail

Pending home sales are down 31% from last year

Housing Wire

An index of 100 is equal to the level of contract activity in 2001. regions recorded year-over-year decreases in contract signings. Economists predicted that pending home sales would drop by 4.0% in September. Year over year, the PHSI was down 31.0%, marking the 16 th consecutive month of annual drops. All four major U.S.

Contracts 515