Pending Sales Slipped Slightly in February

Posted To: MND NewsWire

Pending home sales reported by the National Association of Realtors® declined by one-half of one percent in February but are well above the level reported one year earlier. The Pending Home Sales Index (PHSI) released on Monday was 96.5 compared to 97.0 in January. The Index in February was 9.2 percent above the level in February 2011 when it stood at 88.4. The PHSI is a forward-looking indicator based on signed home sales contracts. The data reflects contracted sales but not closings which typically are finalized within one or two months of signing. Pending sales rose in the Midwest but declined in the other three regions. The Midwest PHSI was 93.8, up 6.5 percent from January and 19.0 percent year-over-year. In the Northeast there was a 0.6 percent decrease from January to 77.7, 18.4…(read more)

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