Wednesday, October 7, 2009

Record Streak Continues for Pending Home Sales

October 1, 2009 - Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001.
After several years of study and data collection, the NATIONAL ASSOCIATION OF REALTORS® (NAR) developed the Pending Home Sales Index (PHSI), a new leading indicator of housing market activity.
Based on the data from Multiple Listing Services (MLSs) and large brokers, the index provides advance information on future home-sales activity and offers more solid information on changes in the direction of the market than any of the indicators currently available.
Specifically, Pending Home Sales become Existing-Home Sales one-to-two months later. This means that we can use an index derived from Pending Home Sales to predict actual home sales activity.
The NAR Public Affairs Office issues a news release in the first week of each month on the latest index figures.

posted by

Bud Engstrom, CRB, CRS, GRI
Director of Career Development
Chinowth & Cohen, Realtors
9110 S. Sheridan Road
Tulsa, OK 74133

Office: 918.392.9789
Mobile: 918.629.3056

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