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September 2017 Pending Home Sales

  • NAR released a summary of pending home sales data showing that September’s pending home sales pace was flat with no gain from last month and down 3.5 percent from a year ago.
  • Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
  • All four regions showed declines from a year ago. The Northeast had the smallest dip of 2.4 percent followed by the Midwest with a decrease of 2.5 percent. The West had a decline of 2.9 percent. The South had the biggest drop of 5.0 percent.
  • From last month, three of the four regions showed inclines in sales. The South had the only decline of 2.3 percent. The Northeast had a gain of 1.2 percent followed by the Midwest with an increase of 1.4 percent. The West had the largest gain of 1.9 percent.
  • The U.S. pending home sales index level for the month was 106.0. August’s data was revised down slightly to 106.0.

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  • In spite of the decline, this is the pending index’s 41st consecutive month over the 100 level.
  • The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.

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