The National Association of Realtors® (NAR) reported on Friday (10-28-22) that their Pending Homes Sales Index (PHSI)—which is based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—declined 10.2% in September from August to a reading of 79.5 (2001=100).
The PHSI has now declined ten times in the past eleven months. Year-over-year, contract signings have declined 31.1%.
The NAR is reporting that all four major regions suffered both month-over-month and year-over-year declines in September:
- The Northeast PHSI declined 16.2% to reading of 64.2, down 30.1% from a year ago.
- The Midwest PHSI retreated 8.8% to reading of 80.7, down 38.7% from a year ago.
- The South PHSI fell 8.1% to a reading of 97.0, down 30.0% from a year ago.
- The West PHSI slipped 11.7% to a reading of 62.7, down 38.7% from a year ago.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.