Skip to main content

Pending Home Sales Weaken

Sep 27, 2018
Total existing-home sales increased 1.9 percent from October to a seasonally adjusted rate of 5.32 million in November,

Pending home sales were down last month, according to the National Association of Realtors (NAR).
 
The Pending Home Sales Index (PHSI) dropped by 1.8 percent to 104.2 in August from 106.1 in July. On an annualized measurement, the PHSI is down by 2.3 percent. On a regional basis, the PHSI in the Northeast dropped 1.3 percent to 92.7 and the Midwest index dipped by 0.5 percent to 101.6. Pending home sales in the South were down 0.7 percent to an index of 121.3 in August, while the index in the West slid by 5.9 percent to 89.1. 
 
“Pending home sales continued a slow drip downward, with the fourth month over month decline in the past five months,” said NAR Chief Economist Lawrence Yun. “Contract signings also fell backward again last month, as declines in the West negatively impacted overall activity. The greatest decline occurred in the West region where prices have shot up significantly, which clearly indicates that affordability is hindering buyers and those affordability issues come from lack of inventory, particularly in moderate price points.”
Pending home sales were down last month, according to the National Association of Realtors (NAR)

 
About the author
Published
Sep 27, 2018
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024