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| Pending Home Sales Index |
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Released on 1/6/2009 10:00:00 AM For November, 2008
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Prior | Consensus | Consensus Range | Actual |
| Pending Home Sales Index - Level | 88.9 | 88.0 | 84.5 to 90.2 | 82.3 | | Pending Home Sales Index - M/M | -0.7 % | | | -4.0 % |
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Highlights
The pending home sales index fell 4.0 percent in November pointing to deepening declines for the housing sector (October was revised downward to 85.7). Year-on-year rates are also showing accelerating deterioration, at -5.3 percent in November compared with -1.0 percent in October. Home sales data for December will be released at month end.
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Market Consensus Before Announcement
The pending home sales index for October fell 0.7 percent to 88.9 with the year-on-year rate slipping back below zero at -1.0 percent. But we could see some improvement in November based on a jump in mortgage applications due to the recent, sharp decline in mortgage rates. Most recently, purchase applications in the Dec. 26 week rose 1.4 percent to 320.9.
Pending home sales Consensus Forecast for November 08: 88.0
Range: 84.5 to 90.2
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Definition
The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. As such, it is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. It usually takes four to six weeks to close a contracted sale.
Why Investors Care
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