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Pending Home Sales Hit 9-Year Highs

Monday, June 29, 2015

Pending home sales hit their highest level in over nine years in May, indicating that the strong existing and new home sales announced last week are likely to be repeated again for June and maybe even July activity.  The National Association of Realtors® (NAR) said that its Pending Home Sales Index (PHSI) rose 0.9 percent from April's level of 11.6 to 112.6 in May.  The report came in ahead of one survey's expectations of a 0.6 percent increase, but behind the Reuters poll of 1.2 percent.

The rise in the PHSI put it 10.4 percent higher than in May 2014 and marked its ninth straight year-over-year gain. It is now at its highest point since April 2006 when it hit 113.7.

 

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