Pending Home Sales on the Rise – NMP Skip to main content

Pending Home Sales on the Rise

Phil Hall
Jan 30, 2017
Pending home sales ended 2016 on an upswing, according to new data from the National Association of Realtors (NAR)

Pending home sales ended 2016 on an upswing, according to new data from the National Association of Realtors (NAR).

The Pending Home Sales Index (PHSI) increased 1.6 percent to 109.0 in December from 107.3 in November. The PHSI was also 0.3 percent the 108.7 level set in December 2015.

On a regional basis, the Northeast PHSI declined 1.6 percent to 96.4 and the Midwest PHSI dipped 0.8 percent to 102.7. But pending home sales in the South rose 2.4 percent to an index of 121.3 in December while the index in the West saw a five percent spike to 106.1.

“Pending sales rebounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract,” said NAR Chief Economist Lawrence Yun. “The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing costs. Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.”

Published
Jan 30, 2017
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Wholesale
Nov 29, 2021
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021