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- U.S. pending home sales increase much more than forecast in July
U.S. pending home sales increase much more than forecast in July
The National
Association of Realtors (NAR) announced on Tuesday its seasonally adjusted
pending home sales index (PHSI) surged 2.8 percent m-o-m to 108.3 in June, up
from 105.4 in May..
Economists had
expected pending home sales to rise 0.5 percent m-o-m in June.
On y-o-y basis,
the index increased 1.6 percent, snapping a 17-month streak of annual declines.
According to
the report, the pending home sales rose all four regions in m-o-m terms and
compared to June 2018. Pending home sales in the South increased 1.3 percent
m-o-m to an index of 125.7 in June, which was 1.4 percent higher than last
June. The PHSI in the Northeast climbed 2.7 percent m-o-m to 94.5 and was now
0.9 percent higher than a year ago. The index in the West surged 5.4 percent
m-o-m to 96.8 and increased 2.5 percent above a year ago. The indicator in the
Midwest grew 3.3 percent m-o-m to 103.6 and rose 1.7 percent y-o-y.
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