2017 Economic Calendar
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Pending Home Sales Index  
Released On 2/27/2017 10:00:00 AM For Jan, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Pending Home Sales Index - M/M1.6 %0.8 %1.1 %0.3 % to 1.2 %-2.8 %
Pending Home Sales Index - Level109.0 109.5 106.4 

Highlights
Just when existing home sales seemed to be showing lift the pending home sales index, which tracks initial contract signings, is down 2.8 percent in the January report. This points to weakness for final resales in February and March.

The West is the culprit in January's data, with contract signings down 9.8 percent in the month for year-on-year contraction of 0.4 percent. The Midwest is also weak, down 5.0 percent in the month for 3.8 percent on-year contraction. The South and the West both show no better than low single digit monthly and yearly gains.

Adding to the bad news is a sharp downward revision to the December index, now at plus 0.8 percent vs an initial 1.6 percent. This hints at less strength for February existing home sales, sales that proved strong in last week's January report which however is now a memory. This setback for resales follows last week's sharp downward revision for December new home sales and together they point to a housing sector where growth is suddenly struggling.

Recent History Of This Indicator
This year's early strength in the resale market was first signaled by the pending home sales index which tracks initial contract signings. And forecasters see no cooling for the January index where the Econoday consensus is for a strong 1.1 percent gain.

Definition
The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. Specifically, it is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract was signed, but not yet closed. It usually takes four to six weeks to close a contracted sale.  Why Investors Care
 
 

2017 Release Schedule
Released On: 1/302/273/294/275/316/287/318/319/2710/2611/2912/27
Release For: DecJanFebMarAprMayJunJulAugSepOctNov
 


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