Pending Home Sales Up in March. Stabilization Depends on REO Liquidation and Jobs
Posted To: MND NewsWire
The National Association of Realtors released the Pending Home Sales Index data today. NAR's Pending Home Sales Index measures housing sales contract activity. A sale is listed as "pending" when a contract to purchase an existing home (single-family, condos, and co-ops) has been signed but the transaction has not closed. A signed contract is not counted as an actual existing home sale until the transaction closes. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. It is designed to be a leading indicator of housing activity. In developing the model for the index, it was demonstrated that the level of monthly pending home sales parallels the level of closed existing-home sales in the following two months…(read more)
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