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Pending Home Sales Continue Remarkable Rebound
Wednesday, July 29, 2020
Pending home sales soared again in June,
although the liftoff was relatively shallow compared to the 43 percent increase
in May. The National Association of Realtors'® (NAR's) Pending Home Sales
Index (PHSI). The index, a forward-looking indicator based on contracts to purchase
existing homes, rose 16.6 percent compared to May, and increased year-over-year
by 6.3 percent. The index is now at 116.1. The two months of improving activity have
brought the index back from its April level of 69.0
where it landed after falling by more than 20 percent in both that month and in
March as much of the nation was shut down by the COVID-19 pandemic. The
gains were above even the best guesses by analysts polled by Econoday. Their predictions
ranged from a 10 percent downturn to gains of 15.6 percent. The consensus was
an increase of 5.2 percent.
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