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Pending Home Sales Much Lower Than Expected
Thursday, January 28, 2016
And we have a trifecta!
All three of the home sales indicators for December have now come in
positive, although the latest, pending sales, did so leaving claw marks on the scales.
The National Association of Realtors®
(NAR) said its Pending Home Sales Index (PHSI) eked out a 0.1 percent advance
over November. Existing home sales and
new home sales, both reported within the last week, had month-over-month
increases in the double digits.
The PHSI, a forward looking indicator based on contract
signings, registered 06.8 for the month, 4.2 percent higher than a year ago. The index has increased year-over-year for 16
straight months. At the same time, NAR
revised its original index for November down from 106.9 to 106.7.
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