Pending Home Sales Remain Flat

Oct 26, 2017

Fannie Mae is predicting a robust economic growth for this year, despite a projected slowdown during the first quarter

The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) was at 106.0 in September, unchanged from a downwardly revised August figure and 3.5 percent lower than one year earlier. The PHSI index is now at its lowest reading since the 104.7 level reached in January 2015.

Among the regional readings, the PHSI in the Northeast rose 1.2 percent to 94.5, increased in the Midwest by 1.4 percent to 102.9, and grew by 1.9 percent in the West to 102.7, but fell by 2.3 percent in the South to an index of 115.9. Lawrence Yun, NAR’s chief economist, blamed Hurricane Irma’s impact on Florida as having a negative impact on the South’s market data.

“Demand exceeds supply in most markets, which is keeping price growth high and essentially eliminating any savings buyers would realize from the decline in mortgage rates from earlier this year,” said Yun. “While most of the country, except for the South, did see minor gains in contract signings last month, activity is falling further behind last year’s pace because new listings aren’t keeping up with what’s being sold.”

The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) was at 106.0 in September

About the author

Phil Hall

Link copied

Published

Oct 26, 2017

Analysis and Data

Homeowners Insurance A Growing Concern in Florida and California

Majority of Fla. and Calif. survey respondents have been affected by insurance woes or live in an area that has, Redfin says

Insurance is at the top of mind for homebuyers and homeowners in Florida and California, which have become epicenters of the nationwide housing insurance crisis. Rising homeowners insurance premiums and changes in coverage are so commonplace now that nearly three-quarter...

Analysis and Data

California Home Sales Decline In March, Despite Increased Listings

The California Association of Realtors reports that the median home price rose 7.7% year-over-year.

After just last month announcing the resiliency of California home sales in February despite rising interest rates, figures released today by the California Association of Realtors (CAR) show sales volume in the state slipped in March as median home prices hit a seven-month ...