Posted To: MND NewsWire

December’s pending home sales erased the small gain posted in November and the National Association of Realtors’ (NAR’s) Pending Home Sales Index (PHSI) ended the year exactly where it had begun. The PHSI is a forward-looking indicator of existing home sales based on purchase contracts signed during the month. It fell 4.9 percent in December, from 108.5 in November to 103.2. While this is 4.6 percent higher than the index in December 2018 (a reading of 99), it matches precisely the January 2019 level. Analysts had anticipated that contract signings would slow, but not decline . Those polled by Econoday had expected results ranging from no change to an increase of 1.0 percent after a 1.7 percent gain in November. Their consensus estimate was an increase of 0.4 percent. NAR chief economist Lawrence…(read more)

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Source: Mortgage News Daily