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
| Released on 9/5/07 For Jul 2007 | ||||||||
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Highlights
Pending home sales fell 12.2 percent to an index level of 89.9 in July, down 16.1 percent on the year. The report said the results point to sales declines of existing homes in the months ahead. The report said some sales contracts are not closing because mortgage commitments have fallen through. But it said these problems are largely limited to those with jumbo loans, not to the majority of buyers who qualify for conventional financing. The text also said the housing market has been stabilizing since mid-August. Both existing home and new home sales proved better than expected in July, data released late last month that have revived hopes for stability in the housing market.
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