2017 Economic Calendar
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Pending Home Sales Index  
Released On 10/26/2017 10:00:00 AM For Sep, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Pending Home Sales Index - M/M-2.6 %-2.8 %0.4 %-1.9 % to 1.9 %0.0 %
Pending Home Sales Index - Level106.3 106.0 106.0 

Existing home sales have been flat and flat is the indication from pending sales which were unchanged in September. The index is stuck at 106.0, having moved down from a peak in November last year of 112.3.

Unlike yesterday's new home sales report where sales spiked in the South, resales in the region are showing visible hurricane effects, down 2.3 percent in the month following August's 3.7 percent decline. Year-on-year rates show the South the weakest, down 5.0 percent, with the Northeast doing the best at minus 2.4 percent. Pending sales overall are down a yearly 3.5 percent which is slightly steeper than the 1.5 percent decline for final sales.

This report is not pointing to strength for the housing sector and is a partial offset to a possible surge underway in new home sales.

Consensus Outlook
Pending sales, which track initial contract signings for resales, have been accurately forecasting this year's steady weakness in the existing home sales report where final sales are tracked. Weakness in August pending sales included the hurricane-hit South but other regions were soft as well. After August's surprisingly sharp 2.6 percent drop, the Econoday consensus for the September pending sales index is a gain of 0.4 percent.

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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