Reader-Funded Data Journalism
Follow PPD Social Media
PPD Polls Conducted By
https://www.bigdatapoll.com/
Connect With PPD
Sunday, June 16, 2019
HomeNewsEconomyPending Home Sales (PHSI) Dip in April After Previous Rebound

Pending Home Sales (PHSI) Dip in April After Previous Rebound

An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)
An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)
An exchange showing one hand giving cash to the another for new house and keys, a vector illustration for new home sales. (Photo: AdobeStock)

The National Association of Realtors (NAR) said the Pending Home Sales Index (PHSI) dipped 1.5% to 104.3 in April, missing the consensus forecast after a rebound the previous month.

PriorPrior RevisedConsensusForecast RangeActual
Pending Home Sales Index – M/M3.8%3.9%0.5%-1.8% to 1.5%-1.5%

“Though the latest monthly figure shows a mild decline in contract signings, mortgage applications and consumer confidence have been steadily rising,” Lawrence Yun, NAR chief economist said. “It’s inevitable for sales to turn higher in a few months.”

The PHSI, a forward-looking indicator based on contract signings, had come in at 105.8 in March initially and was revised marginally higher to 105.9. Year-over-year contract signings fell 2.0% for the 16th straight month of annual decreases.

“Home price appreciation has been the strongest on the lower-end as inventory conditions have been consistently tight on homes priced under $250,000,” Mr. Yun added. “Price conditions are soft on the upper-end, especially in high tax states like Connecticut, New York and Illinois.”

The supply of inventory for homes priced under $250,000 came in at 3.3 months in April, and inventory for homes priced at $1 million or higher came in at 8.9 months.

The PHSI in the Northeast fell 1.8% to 88.9 and is now down 2.1% year-over-year. In the Midwest, the index rose 1.3% to 96.8 and is now 2.4% lower than it was in April 2018.

Pending home sales in the South were down 2.5% to an index of 124.0, or 1.8% lower than year-over-year. The index in the West fell 1.8% in April to 93.5 and is now down only 1.5% from a year ago.

You Might Also Like

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.