Monday, August 01, 2005

National Pending Home Sales Index Up Again

This new index, published monthly by the NAR, rose 0.6% nationally for the month of June. However, you will also see that pending home sales in the North East were actually down 3.2% in June.

“WASHINGTON, Aug. 1 /U.S. Newswire/ -- Pending home sales, a leading indicator for the housing market, have risen to the third highest level on record, according to the National Association of Realtors(r) (NAR).

The Pending Home Sales Index (see Note 1 below), based on data collected for June, rose 0.6 percent to a reading of 126.3, and is 3.6 percent higher than June 2004.

The index is based on pending sales of existing homes, including single-family and condos; a sale is pending when the contract has been signed but the transaction has not closed. Pending home sales typically close within one or two months of signing.”



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