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Pending Home Sales Are Robust Prior to Shutdown
Monday, March 30, 2020
Pending home sales, which jumped 5.2
percent in January, did not retrench as expected last month. The National
Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) grew
2.4 percent to a reading of 111.5 in February. The PHSI is a forward-looking
indicator based on signed contracts for purchase of existing single-family
homes, townhomes, condos, and cooperative apartments. The February index level is
9.4 percent higher than a year earlier. After its unusually large gain in
January, the index was expected to move lower. Analysts polled by Econoday had a
very wide range of forecasts, from -2.5 percent to 5.0 percent with a consensus
for a 1.6 percent decline.
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