Led by the South, pending home sales were up again and most recently stood at the highest level in nine months. But the outlook for strengthening is weak.
At the conclusion of last year, the Pending Home Sales Index was a seasonally adjusted 110.1. The index is preliminary and could be revised.
It was the highest level for the index, an indication of upcoming existing home sales based on contract signings, since it was a downwardly revised 111.3 in March 2017.
Source: Mortgage Daily