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Economy in Brief

U.S. Pending Home Sales Improve
by Tom Moeller February 2, 2010

Home sales recovered during December after falling sharply in November with the (since-extended) expiration of an $8,000 first-time home buyers tax credit. The National Association of Realtors (NAR) reported that December pending home sales rose 1.0% from November. Home sales remained up 20.1% from the January low and the latest increase matched Consensus expectations.

Modest monthly gains in home sales were recorded across the country. 

These home sales figures are analogous to the new home sales data from the Commerce Department in that they measure existing home sales when the sales contract is signed, not at the time the sale is closed. The series dates back to 2001 and the data is available in Haver's PREALTOR database.

Recent Development in Mortgage Finance from the Federal Reserve Bank of San Francisco can be found here.

Pending Home Sales (2001=100)  December November October Y/Y 2009 2008 2007
Total 98.6 95.6 114.3   10.9% 95.1 86.8 95.8
  Northeast 76.1 74.4 100.2 15.0 76.6 73.1 85.9
  Midwest 86.9 82.6 110.3 8.6 88.7 80.6 89.5
  South 98.4 96.3 115.1 14.8 98.2 89.6 107.3
  West 119.9 124.6 128.1 18.6 111.5 99.5 92.3
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