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Home Sales Crushed Expectations And Are Now Near a 2 Year High

Thursday, February 27, 2020

Pending home sales bounced back last month after an unexpectedly dismal performance ended the prior year. The National Association of Realtors® said its Pending Home Sales Index (PHSI), which had dropped 4.9 percent to 103.2 in December, posted a 5.2 percent increase last month to a reading of 108.8. This is 5.7 percent higher than the Index in January 2019. The PHSI is a forward-looking index based on contracts for existing home purchases. It is generally expected to predict existing home sales over the next several months.

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