2017 Economic Calendar
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Pending Home Sales Index  
Released On 3/29/2017 10:00:00 AM For Feb, 2017
PriorConsensusConsensus RangeActual
Pending Home Sales Index - M/M-2.8 %2.4 %1.4 % to 3.5 %5.5 %
Pending Home Sales Index - Level106.4 112.3 

Highlights
Major improvement can be expected for existing home sales in the March to April period based on February's pending home sales index which jumped 5.5 percent to 112.3. This is well beyond the Econoday consensus which was already calling for a sizable 2.4 percent gain. This index tracks initial contract signings and though winter months are always volatile due to seasonality and related adjustments, today's results will raise expectations for spring momentum in the housing sector.

Still, the year-on-year rate for this index, at only plus 2.6 percent, is a reminder that the resale market, though at its highs for the economic cycle, is still struggling. Regional data show special February strength in the Midwest, up 11.4 percent, followed by low-to-mid single digit gains across other regions.

Recent History Of This Indicator
Month-to-month swings in existing home sales have been correctly telegraphed by the pending home sales index which tracks initial contract signings. This index has been up-and-down the last three readings underscoring the slow and uneven pace of the housing sector. Forecasters see strength for the February index where the Econoday consensus is for a 2.4 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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