Charts of the Week
U.S. Pending Home Sales
Chart of the Week for August 4, 2017 - August 10, 2017
The National Association of Realtors ("NAR") publishes a monthly index regarding pending home sales based on signed real estate contracts for existing single-family homes, condos, and co-ops. Economists consider it a leading indicator of housing activity. The chart above shows the changes in the seasonally adjusted index for June 2017 on both a 1-month basis and a year-over-year basis for the U.S. as well as the geographic regions of the Northeast, Midwest, South, and West.
Pending home sales have generally been positive over both the 1-month and year-over-year periods. June's 1-month change for the U.S was positive, with only the Midwest (-0.5%) showing a decline amongst the regions. On an annual basis, the U.S. (0.5%) was up slightly and the gains in the Northeast (2.9%) and the South (2.6%) helped to offset losses in the Midwest (-2.8%) and the West (-1.1%). Economists continue to note that housing supplies are tight and that the continued strength in the labor market and accompanying expected wage increases should keep home sales rising over the near term.
Posted by: sarah_oz@yahoo.com
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