Econoday Report: Pending Home Sales Index November 2, 2009

2009 Economic Calendar

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Pending Home Sales Index

Released on 11/2/2009 10:00:00 AM For September, 2009

	Prior	Actual
Pending Home Sales Index - Level	103.8	110.1
Pending Home Sales Index - M/M	6.4 %	6.1 %

Highlights
Pending home sales shot 6.1 percent higher in September to an index level of 110.1. The gain, which follows a 6.4 percent surge in August, lifts the year-on-year rate from just over 10 percent to just over 20 percent at 21.2 percent. September's gains were centered in the West with the Northeast showing a slight decline. This report won't make too big of a splash in the housing sector as strong readings have not been correlating to similarly strong readings for actual sales of existing homes, the result of low appraisals which are scuttling deals.

Definition
The National Association of Realtors developed the pending home sales index as a leading indicator of housing activity. As such, 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

2009 Release Schedule

Released On: 1/6 2/3 3/3 4/1 5/4 6/2 7/1 8/4 9/1 10/1 11/2 12/1

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