PENDING HOME SALES GREW 1.1% IN SEPTEMBER, DOWN 11% IN LAST YEAR

Key Points:

  • 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.
Source