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 8/7/08 For Jun 2008 | |||||||||||||||
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Highlights
Pending home sales bounced back in June, up 5.3 percent compared to May and down 12.3 percent in a year-on-year reading, benefiting from easier comparisons, that continues to improve. Strength was centered in the South and West with the Northeast and Midwest lagging but still showing gains. The National Association of Realtors said tax credits to first-time buyers may have given a boost to the month's sales. The dollar firmed in immediate reaction to the report which will improve the outlook for July home sales data.
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