Pending Home Sales
Fall Back to The 2nd Highest Level on Record
Posted
to: MND NewsWire
Thursday, October 29, 2020 9:49 AM
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Pending home sales faltered a bit in September, like new home sales
announced earlier this week, the decline ended a four-month winning streak. The
National Association of Realtors® (NAR) said that its Pending Home Sales Index
(PHSI) fell to 130.0, a 2.2 percent retreat from the August level. The index,
based on signed contracts to purchase existing single-family homes, townhouses,
condominiums, and cooperative apartment, fell in every region but the
Northeast. However, it is still 20.5 percent higher than in September 2019
and retained double digit annual growth in all regional indices. Analysts had
expected the positive run to continue. Those polled by Econoday were not
universally upbeat, their forecasts were, in fact, wild. They ranged from a 4.0
percent downturn to a 9.5 percent increase. The Econoday consensus was for
growth of 3.5 percent, while the consensus from Trading Economics was 3.4
percent.
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