PENDING HOME SALES GREW 1.1% IN SEPTEMBER, DOWN 11% IN LAST YEAR
The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – rose 1.1% to 72.6 in September. Year over year, pending transactions declined 11%. An index of 100 is equal to the level of contract activity in 2001.
Month over month, contract signings increased in the Northeast, Midwest and South but decreased in the West.
Pending home sales fell in all four U.S. regions compared to one year ago.
NAR predicts existing-home sales will decrease 17.5% in 2023.
The Northeast PHSI increased 0.8% from last month to 63.1, a loss of 12.7% from September 2022.
The Midwest index expanded 4.1% to 74.3 in September, down 9.2% from one year ago.
The South PHSI rose 0.7% to 87.1 in September, retreating 10.7% from the prior year.
The West index declined 1.8% in September to 55.3, dropping 12.9% from September 2022.
The Right Facts will continue to monitor home sales.