Pending home sales fall, marking the 16th-straight month of annual declines

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pending home sales Fall, Marking the 16th Straight Month of Annual Declines The numbers: pending home sales fell a seasonally adjusted 1.5% in April and were 2% lower than a year ago, the National Association of Realtors said Thursday.

The months sales results were broad-based. All four U.S. regions saw both monthly and annual declines. to 1.52 million existing homes available for sale. That number is still 9.5 percent lower than.

 · The NAR’s pending home sales index dropped to a reading of 104.3, down 1.5% from the prior month. Economists polled by Reuters had forecast pending home sales would rise 0.9% last month.

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April marked the 16th-straight month of annual declines. Contract signings precede closings by about 45-60 days, so the pending home-sales index is a leading indicator for upcoming existing-home.

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. home sales bottomed in June is possibly specious as we go into the seasonally slow months of December, January and February. The PHI (pending home index) only needs to fall 15% to set a new low.

Pending home sales declined by 1.5% in April from March while also seeing a drop year-over-year, marking the 16th straight month of annual declines. Pending home sales occur when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

 · Pending home contracts are seen as a forward-looking indicator of the health of the housing market because they become sales one to two months later. Compared to one year ago, pending home sales were down 2.0%, marking the 16th straight month of annual decreases.

Sales of new homes increased to an annualized rate of 646,000 in June after two months of declines, according to the Census. In February, home sales increased only 0.6% from last year, marking the.

 · Auto sales are down and home sales are way down. Pending home sales fall, marking the 16th-straight month of annual declines (MarketWatch) – Pending home sales fell a seasonally adjusted 1.5% in April and were 2% lower than a year ago, the National Association of Realtors said Thursday. The consensus Econoday forecast was for a 0.5% increase.

One more month – or even a couple more weeks – like this.. pending home sales fall, marking the 16th-straight month of annual declines.