US Pending Home Sales Drop Across All Regions

Posted on September 29, 2023

On Thursday (9-28-23), the National Association of Realtors® (NAR) reported its Pending Home Sales Index (PHSI)—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—fell 7.1% month-over-month in August to a reading of 71.8. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, contract signing declined 18.7%.

NAR says all four regions reported both month-over-month and year-over-year declines in August:

  • The Northeast PHSI fell 0.9% from July to a reading of 62.6 and was 18.2% below August 2022.
  • The Midwest index dropped 7.0% to a reading 71.3 and was down 19.1% year-over-year.
  • The West index posted a 7.7% decrease to a reading of 56.3 and was 21.4% below August 2022.
  • The South PHSI declined 9.1% to a reading of 86.5 and was down 17.6% year-over-year.
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