The National Association of Realtors® (NAR) released on Wednesday (9-28-22) its Pending Home Sales Index (PHSI), which is based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops. The PHSI declined 2.0% month-over-month in August to a reading of 88.4. The index has now declined nine times in the past ten months. Year-over-year, contract signings have declined 24.4%.
An index of 100 is equal to the level of contract activity in 2001.
The NAR notes that three out of the four major regions posted month-over-month declines in August. Broken down, the Northeast PHSI declined 3.4% from July; the Midwest PHSI retreated 5.2%; the South fell 0.9%; and the West registered a 1.4% gain. Year-over-year declines were posted in all four major regions.
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