Skip to main content

Pending Home Sales Drop Slightly

Phil Hall
Mar 28, 2019
Photo credit: Getty Images/AndreyPopov

The National Association of Realtors (NAR) reported that its Pending Home Sales Index (PHSI) dipped by one percent in February to 101.9, down from 102.9 in January. On a year-over-year basis, the PHSI was down by 4.9 percent, making the 14th straight month of annual declines.
 
On a regional basis, the PHSI in the Northeast dipped by 0.8 percent to 92.1 in February while the index in the Midwest saw a 7.2 percent tumble to 93.2. However, pending home sales in the South rose by 1.7 percent to an index of 121.8 and the index in the West inched up by 0.5 percent to 87.5.
 
“In January, pending contracts were up close to five percent, so this month’s one percent drop is not a significant concern,” said NAR Chief Economist Lawrence Yun. “As a whole, these numbers indicate that a cyclical low in sales is in the past but activity is not matching the frenzied pace of last spring.”

 
Published
Mar 28, 2019
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022