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Pending Home Sales Fall Back to The 2nd Highest Level on Record
Thursday, October 29, 2020
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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