Pending Home Sales Higher Into Tax Credit Deadline
ByPosted To: MND NewsWire
The National Association of Realtors released the Pending Home Sales Index today. NAR's Pending Home Sales Index measures home sales contract activity. A sale is listed as "pending" when a contract to purchase an existing home (single-family, condos, and co-ops) has been signed but the transaction has not closed. A signed contract is not counted as an actual existing home sale until the transaction closes . The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. It is designed to be a leading indicator of housing activity. In developing the model for the index, it was demonstrated that the level of monthly pending home sales parallels the level of closed existing-home sales in the following two months Excerpts…(read more)